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Euro rose in early week trading after the European elections

2019-05-27 02:49 pm | Resource: News | No Views : 117

Euro rose in early week trading after the European elections

The euro traded higher during early week trading despite the political developments in Europe which showed the progress of the populist right in the European elections as well as the overthrow of the Austrian Chancellor's government after a corruption scandal

 Austrian Chancellor's government overthrown after corruption scandal

Austrian Chancellor Sebastian Kors's government was overthrown on Monday after parliament passed a motion of no-confidence. The proposal was submitted by the Social Democratic Party of Austria (SPOe) in response to the Ibiza scandal, which included a videotape leaked to former Vice Chancellor Heinz Christian Strache. Besides the SPOe, the Austrian Freedom Party, former partner of the Kurz coalition and the Jetzt movement, also supported the proposal, while the Austrian People's Party (OeVP) and Noz voted against it.

Before the vote of no-confidence, the Austrian chancellor said that "parliament will have a say" in its future at the moment, but "at the end of the day people will decide, specifically in September." Kurz has already asked Austrian President Alexander van der Belen to set a date for early elections in response to political unrest, with the vote scheduled for September. Van der Belen is expected to be appointed as interim adviser to serve until the elections.

The EU has fined Italy up to $ 4 billion on debt

On the other hand, the European Commission is considering a disciplinary action against Italy over the country's 2018 debt. If the EU decides to fined Italy, Rome may have to pay up to $ 4 billion.

Earlier in the day, the European Commission agreed to extend the Italian Credit Guarantee scheme for non-performing loans, which will provide government aid to Italian banks until May 2021. At the same time, Deputy Prime Minister Matteo Salveni said the government would ignore EU requests for budget cuts, Echoing previous statements when he said that Italy was ready to exceed the budget deficit of 3%.

EUR trades against major currencies
  • The Euro traded in red trading at 122.53 against the Yen.
  • EUR / CHF fell to 1.1239, shedding 0.13%.
  • The euro rose against the British pound to 0.8832, gaining 0.13%.
  • The euro rose to 1.1190 against the dollar at around 14:02 CET.

Other analysis

Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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