French long-end yields could come under renewed pressure before the country's budget is passed, according to market strategist Mark Cudmore, who said the worst of the French stress has yet to be seen. Speaking on Bloomberg's "The Opening Trade," Cudmore noted that French 30-year yields are about 20 basis points lower than they were only on Friday morning, just three sessions ago, describing the move as a temporary pause in an otherwise downward direction. He said a lot depends on what Marine Le Pen says later today, but added that the situation is likely to get worse before it gets better given domestic unrest and the lack of appetite among any parties to take the hard medicine needed. Cudmore also cautioned that shorting French bonds carries very negative carry, meaning investors must pick their moments even if the longer-term outlook deteriorates over the next year. On the euro, he said the currency has seen a slight recovery from yesterday morning's lows in Asia, but that the last few weeks have shown a downtrend and he expects more euro downside on the crosses and against the dollar.