Spain’s Election update: Far right doubles seats in hung parliament, tough times ahead

Reuters reports the near-final official results of the Spanish general election, with the outcome matching the early results of a legislative stalemate with neither the left nor right having a majority.

Additional Details:

Spain's far-right Vox party more than doubled its number of lawmakers.

This was the country's fourth national election in four years and the second one for this year.

Far-right jumps to the third position.

The ruling party Socialists still lead but with fewer seats.

The conservative People's Party (PP) was second and Vox third, mostly at the expense of the centre-right Ciudadanos, which slumped from 57 seats to just 10.

Vox won 52 seats, up from the 24 seats with which it debuted in parliament in April.

On a hung parliament, acting Prime Minister Pedro Sanchez said: "One way or another we'll form a progressive government and unblock the political stalemate ... We call upon all the political parties, except for those that work against coexistence and foster hatred."

FX Implications

On the final results, the EUR/USD pair sheds early gains and now tests four-week lows of 1.1017, with the risks titled to the downside amid Spanish political woes and US-China trade uncertainty driven broad-based US dollar strength.