- Lifting a cloud of uncertainty
- Delay in QE3 tapering
- First results on Sunday evening
Whereas Germany’s electoral campaign has been relatively consensual, or even boring, in the eyes of the international press, the future of European construction has nonetheless been on hold until the outcome of Sunday’s vote. Several hot topics – from banking union to European debt relief funds and Eurobond – have been pushed aside while awaiting the election results. Work will have to resume rapidly. It is high time to finish adopting the necessary mechanisms before the current legislature ends and Europe an elections are held in June 2014. Yet the thorniest issues in the past are unlikely to be any different in October. Germany is unlikely to soften its position, especially concerning the Single Resolution Mechanism, the third pillar of banking union. Re-election of the current CDU/CSU and FDP majority or the formation of a broad coalition would signal the pursuit of Angela Merkel’s European policy. Despite the divergences expressed during the campaign, it is worth noting that the SPD has systematically supported the Chancellor’s decisions concerning the management of the European crisis.
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EUR/USD is holding higher ground above 1.1100 in the early European session on Thursday. The pair is underpinned by the renewed US Dollar retreat, as traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed.
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Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
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BoE expected to keep interest rate unchanged at 5% as price pressures persist
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