Common currency is on defensive on political concerns

Common currency is on defensive on political concerns

On Monday, the common currency stood on the defensive after Austria's election. It was also influenced by worries over Catalonia's confrontation with Spain, although the greenback lacked momentum after soft American inflation data.

The euro went down 0.25% in early trade, hitting $1.1806, diving further from a 2 1/2-week maximum of $1.1880 reached on Thursday.

Austria's young conservative politician Sebastian Kurz is expected to become the country's next president after Sunday’s election. Kurz will probably seek a coalition with the far right because his party is currently short of a majority.

Market participants also kept an eye on Spain, exactly where Catalan leader Carles Puigdemont  is expected to finally make it clear whether he’s actually calling for Catalonia’s independence or not.

Traders weren’t excited about the greenback, as Friday's American consumer price data definitely underscored low inflation.

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