Euro and Kiwi slide on political uncertainties

Euro and Kiwi slide on political uncertainties

On Monday, the common currency lost after German Chancellor Angela Merkel managed to win a fourth term, although stumbled on a fractured parliament as support for the far-right grew. Meanwhile, Asian equities pulled back, suppressed by worries as for China's economy.

Besides this, the New Zealand dollar took a hit too because the ruling National Party won the largest number votes, while unable to secure a ruling majority, with a prolonged period of coalition building a possibility.

Spreadbetters expected EU equities to start moderately lower, predicting Britain's FTSE to start down 0.1%, Germany's DAX to start a bit changed as well as France's CAC to demonstrate a 0.2 tumble from the very beginning.

The common currency went down 0.2% reaching $1.1933, thus putting more distance between a 2-1/2-year maximum of $1.2092 hit on September 8, when a ECB policy gathering left currency bulls optimistic enough that the ECB would get down to tapering its huge stimulus program.

MSCI's index of Asia-Pacific equities handed back earlier moderate revenues. Last it tumbled 0.6%.

The world 11th most-traded currency, the New Zealand dollar lost 1% hitting $0.7264, showing its greatest intraday percentage dive since May.


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