The European Parliamentary elections take place with the return of Nigel Farage to the ballot paper in the UK. Over the next few days all of the 28 countries in the European Union will decide who they want to represent them in the Bloc.
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The UK was expected to have left the EU nearly two months ago however following the Brexit continuation MEP’s will be selected. One of the major concerns for the current outgoing Parliament is what things could look like in July when the new MEP’s sit for the first time.
The make-up of the new EU Parliament looks set to include large amount of Eurosceptics and nationalist thinking politicians. This would be a considerable way from what currently makes the European Union rules and may cause the markets to feel a little uncertain.
Across Eastern Europe there is much more of an inward focus rather than further integration and national elections in Spain along with the expected success of the Brexit Party today indicate that way of thinking is spreading.
Not all the countries will vote at the same time as the UK so we will have to wait until Sunday when the results are released, revealing how the new political landscape will appear across Europe.
If there is a clear landslide for right wing political groups, then the euro may come under pressure as the current direction of the European Union may begin to change. The Brexit party for example with Farage at the helm are only there to be a nuisance. There is a certain irony to British Members of the European Parliament (MEP’s) being elected simply to go and disrupt the European Union and demand that the UK leaves the group.
It may be that over the next few months and years the EU could struggle to function efficiently, and a European crisis may once again not appear to distant especially when all this pressure is added to the current economic woes.
This afternoon the latest business release will come in the form of the Purchasing Managers Index, which is a survey of executives on how optimistic they are for the coming month. The level is expected to remain like last month at 51.7 and a reading above 50 is considered positive.
In the next few days there could be significant euro movement so if you’re looking to complete a transfer make sure you’re in contact with your broker.
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