Spanish elections exit polls show hung Parliament with no clear majority - Center-left PSOE will need support from regional parties
Exit polls by the primary television channels in Spain show the center-left PSOE will the largest party with 116-121 seats, followed by the center-right PP with 69-73, the right-wing Ciudadanos with around 48, left-wing Podemos with 42-45, and radical left Vox with 32-36. The rest of the seats go to the regional parties.
The general picture is that both the right-wing and left-wing blocs are quite balanced without an absolute majority.
This division between the blocs seems similar to the one in the outgoing parliament. PM Sánchez will need to join forces with both the left-wing Podemos and regional parties, including pro-independence parties in Catalonia.
Real results are due in the next few hours.
Background
Spaniards voted in masses in polls that were considered too hard to predict. Turnout during the day easily surpassed the levels seen in the previous three elections. Turnout stood at 60.75% at 18:00 local time, 16:00 GMT, around 11 percentage points more than the previous elections in 2016. In Catalonia, turnout was over 17 points higher than three years ago.
The center-left PSOE led by incumbent PM Pedro Sánchez was expected to come out as the biggest party in the new Congreso de Diputados, or parliament. However, the socialists were not expected to get close to a majority. The PSOE and the left-leaning Podemos hoped to reach a majority.
The right-wing block comprised of the previous ruling PP, the relatively new party Ciudadanos, and the ultra-right Vox also seemed short of a majority in the opinion polls leading to the vote. The balance of power may be held by regional parties from Catalonia and the Basque Country.
See: Spanish elections preview: 5 scenarios, mostly EUR/USD positive, at least at some point
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
