Center-right candidate Marcelo Rebelo de Sousa won Portugal’s presidential election on Sunday, an outcome that should help maintain political balance after a dramatic swing to the left in October’s parliamentary ballot.

In his victory speech, Social Democrat Rebelo de Sousa, 67, said he will work to promote consensus and repair divisions created in the aftermath of the previous election when the left ousted a center-right administration that imposed tough austerity under an international bailout in 2011-14.

Portugal’s president is a largely ceremonial figure but he plays an important role at times of political uncertainty – as have gripped the country since last October’s inconclusive parliamentary election. He has the power to dissolve parliament and fire the prime minister.

Portugal is likely to need all consensus possible as a shaky government of moderate center-left Socialists dependent on far-left parties for support in parliament tries to reconcile its election pledges to end economic austerity with budget deficit cuts promised to the European Union.

-------
Who were the best experts in 2015? Have your say and vote for FXStreet's Forex Best Awards 2016! Cast your vote now!
-------

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays near 1.0750 following Monday's indecisive action

EUR/USD stays near 1.0750 following Monday's indecisive action

EUR/USD continues to fluctuate in a tight channel at around 1.0750 after posting small gains on Monday. Disappointing Factory Orders data from Germany limits the Euro's gains as investors keep a close eye on comments from central bankers.

EUR/USD News

AUD/USD drops below 0.6600 after RBA policy announcements

AUD/USD drops below 0.6600 after RBA policy announcements

AUD/USD stays under bearish pressure and trades deep in negative territory slightly below 0.6600. The RBA left the policy settings unchanged as expected but Governor Bullock said that there was no necessity to further tighten the policy.

AUD/USD News

Gold price turns red amid the renewed US dollar demand

Gold price turns red amid the renewed US dollar demand

Gold price trades in negative territory on Tuesday amid the renewed USD demand. A downbeat US jobs data for April prompted speculation of potential rate cuts by the Fed in the coming months. 

Gold News

Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global

Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global

Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.

Read more

The impact of economic indicators and global dynamics on the US Dollar

The impact of economic indicators and global dynamics on the US Dollar

Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory. 

Read more

Majors

Cryptocurrencies

Signatures