The winds of political change are blowing in the west. Meloni broke through in Italy and next it could be France's turn. The snap election call by French President Macron is a huge political gamble and the euro bulls aren't sure they want to stay on for the ride through the first round vote on June 30 or the second round on July 7.

The euro is trading at a five-week low.

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You can certainly weave a case for how this could ultimately be good for Europe as it gets serious about energy security and cutting bureaucracy but with a wide possibility of outcomes and the possibility of fracture within the monetary union itself, I can see the hesitation.