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Euro Rallies as Rajoy’s Party Wins Elections in Galicia

October 22, 2012 at 14:05 by Vladimir Vyun

Mixed euro billsThe euro move higher today after Prime Minister Mariano Rajoy’s People’s Party won the regional elections in Rajoy’s home region yesterday. The currency still remains in danger amid uncertainty about the Spanish bailout.

Rajoy’s People’s Party won the elections in Galicia. That was considered as a vote of confidence in the Prime Minister’s austerity program. In the Basque Country, the Basque Nationalist Party won the majority, followed by Bildu, which is also a nationalist and separatist party. That is much less favorable to the euro.

EUR/USD went up from 1.3018 to 1.3064 as of 14:05 GMT today and its daily high was at 1.3075. EUR/GBP went up from 0.8132 to 0.8143 and its high of 0.8149 was the highest since June 15.


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