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Euro Drops Despite Pro-EU Parties Retaining Majority in EU Elections

May 27, 2019 at 16:09 by Simon Mugo

Coins of eurocents on a €500 noteThe euro today fell against the US dollar despite pro-EU parties securing majority of the Parliamentary seats in the recently concluded election. The EUR/USD currency pair today fell from its Asian session highs and dropped to daily lows where it traded sideways for the rest of the day.

The EUR/USD currency pair today fell from a high of 1.1215 in the Asian session to a low of 1.1185 in the early American session and was near these lows at the time of writing.

The euro today fell slightly against the dollar as European media praised the majority win by pro-EU parties in the just-concluded EU election. However, nationalist parties managed to claim a quarter of the seats that were up for grabs. Eurosceptic parties won majority of the seats available in the following countries: Britain, Italy, Poland and France, where they upset the political status quo. However, the wins by nationalist parties in the four countries could not translate into a majority as more people voted for a United Europe in the face of threats from China, Russia, and the United States.

The Memorial Day celebrations in the US meant that US markets remained closed even as President Donald Trump was on a four-day state visit to Japan. Trump met with Japanese Premier Shinzo Abe and the newly enthroned Emperor Naruhito to strengthen the two countries ties.

The currency pair’s future performance is likely to be affected by tomorrow’s multiple European and US releases.

The EUR/USD currency pair was trading at 1.1192 as at 16:08 GMT having fallen from a high of 1.1215. The EUR/JPY currency pair was trading at 122.61 having dropped from a high of 122.80

If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

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