Futures Market News
European election results drag down euro
May 07, 2012 10:08 AM
Results of the past weekend's elections in European Union nations proved to be harmful to the 17-nation common currency, which plunged to its lowest value in three months, according to Bloomberg.
Voters capitalized on the opportunity to cast preferences regarding austerity efforts to confront the damaging tendencies of the sovereign debt scourge, The Associated Press reports. French voters removed incumbent Nicolas Sarkozy and voted in Francois Hollande, voters in Greece abandoned the two mainstream parties and hurtled toward anti-bailout factions and the northernmost German state pushed out the party to which German chancellor Angela Merkel belongs.
"There are major concerns about the euro," senior managing director Marito Ueda with currency margin company FX Prime Corporation in Tokyo told Bloomberg. "What's common to both Greek and French voting is that people aren't feeling good about austerity measures, which are the crux to a resolution of Europe's debt problems."
The U.S. dollar and the Japanese yen advanced the most versus most of their counterpart currencies.
Three additional nations - Serbia, Italy and Armenia - also conducted elections viewed as weather vanes of the voting public's viewpoints of the European Union.
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