07:22 AM EDT, 06/12/2024 (MT Newswires) -- European currencies outperformed as the euro pared earlier losses and most G10 peers rose against a weaker US dollar going into the North American open on Wednesday, aided by seemingly abating concerns over the French political situation.

EUR/USD was quoted 0.16% higher around 1.0753, placing the euro in the upper half of the G10 rankings, while the Swedish krona and Norwegian krone outperformed high beta peers like the dollar-bloc commodity currencies in European trade.

Gains built and prior losses were pared further after French President Emmanuel Macron confirmed in a press conference that he will not resign if his Renaissance party performs poorly in the general election beginning on June 30.

He also called for smaller 'moderate' parties to join Renaissance in a parliamentary coalition as he seeks to preserve legislative influence in the face of a potential tie up between the right wing National Rally and Republican parties.

The euro had added to prior losses on Tuesday when the possible tie up between the National Rally and Republican party first emerged, accompanied by reports suggesting Macron could resign following any poor performance in the election.

French government bond yields declined alongside European and other international counterparts on Wednesday, paring increases seen when Sunday's European parliament elections prompted Macron to call a general election.