Euro overshadows in the middle of the Italian election.
The EUR / USDcurrency pair slammed back to the 1.2321 range as the news was written at the start of the Asian session on Monday (5 / March), after briefly rising to high 1.2364 on Friday. Although no big-impact economic data has been released in recent days, the issues surrounding the Italian elections have drawn the attention of the market. Against the yen, the euro also slipped to 129.89, near its lowest range since September 2017.
At the end of last week, a survey result suggested that a possible Five Star Movement party defeat in the Italian elections. This party is one of the anti-EU factions in the politics of Pizza, so the news is considered positive by Euro traders. However, conditions reversed after the election was held today.
Initial calculations based on Exit Poll show the vote for Five Star Movement is better than expected. The party led by Luigi Di Maio is expected to become the single largest single winner with a high enough difference compared to other parties. The center-right block consisting of the Forza Italia, League and Brothers of Italy, is projected to win more seats than the Five Star Movement, but not to the absolute majority.
