Equinox Elections Benefits the Right – The euro has come under pressure following the election in Germany, which produced the expected win for Merkel but saw her party and the SPD coalition partner lose ground to the nationalist AfD, the upshot of which is political uncertainty as there is no easy coalition options. EURUSD and euro crosses are likely to remain under pressure as a consequence. Elsewhere, the New Zealand dollar has dropped sharp following weekend elections that failed to produce a clear winner. The kiwi is down by nearly 1%. USDJPY logged a two-session just above 112.50, with North Korea refraining any fresh missile tests.
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