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According to exit surveys conducted by German broadcaster ZDF, the Christian Democratic Union and its allied Christian Social Union secured the largest share of votes in the German federal election on Sunday, per CNBC.  This puts the party’s leading candidate, Friedrich Merz, in a great position to take over Olaf Scholz as chancellor of Europe’s largest economy. The CDU-CSU won 28.5% of the vote, followed by the far-right AfD with 20% and Scholz’s Social Democratic Party with 16.5%, according to ZDF exit polls.   Market reaction At the time of writing, EUR/USD is trading 0.10% higher on the day at 1.0470.  Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. Eurozone inflation data, measured by the Harmonized Index of Consumer Prices…

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Filed under: News - @ February 23, 2025 11:10 pm