Doing the same thing over and over again and expecting different results is often described as Albert Einstein's definition of insanity. Some might attribute this to the current cycle of French politics, where President Macron has re-appointed Sébastien Lecornu as prime minister and has asked him to present a revised budget to parliament, ING's FX analyst Chris Turner notes.

EUR/USD to trade near 1.1700 over the coming weeks

"That seems likely to fail and result in a no-confidence vote later this week, which will leave France without a government. That's not a good story for the euro, although one which probably plays out in the likes of EUR/CHF rather than EUR/USD."

"As for EUR/USD, it's interesting to see it holding onto Friday's gains even as US equities recover half their losses. Perhaps the re-opening of the US Treasury market tomorrow poses a greater threat to the EUR/USD rally, where presumably US yields could correct back higher."

"We prefer EUR/USD trading near 1.1700 over the coming weeks, but the best chance of that happening earlier is probably this week's Fed communication."