The positive impact from the retreat in French bond yields has hardly lifted the euro exchange rate.

⑴ Bond market recovery: The yield on France's 10-year government bond has fallen to 4.7%, after spiking to 5.14% on October 21. The yield spread between French and German 10-year government bonds has narrowed to 146 basis points; in October, this spread nearly reached 175 basis points, and sovereign debt risk is cooling off (Sina Finance). ⑵ Sharp decline in oil prices: International oil prices plunged by $22 in November, which should have alleviated inflation pressure in the eurozone and benefited the euro. However, the exchange rate remains under pressure. ⑶ Current situation in the forex market: There is strong resistance above for EUR/USD, and the rebound lacks momentum. Market sentiment: Even a sharp drop in oil prices can't boost the euro or yen; currently, bulls lack effective drivers.