The euro traded 0.3% lower in Australia on Monday than it closed on Friday, a negative trend that may reflect investor concerns about a victory for left-wing parties in the elections in France, reported ag. Bloomberg.
At the opening of the Australian Stock Exchange on Monday, €1 was trading at $1.0807. Investors' biggest concern was the victory of the left-wing “New Popular Front” because of the coalition's promises to expand budget spending when the country's public finances are already burdened with debt.
According to the preliminary results of the early elections, in the National Assembly (the lower house of the parliament), consisting of 577 deputies, the left-wing "New People's Front" gets from 175 to 205 seats, the presidential coalition “Together for the Republic“ receives from 150 to 175 mandates. Right-wing party "National Unification" finished in third place and can count on 115-150 seats in the lower house of parliament.