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Merkel Win Sees Euro Strengthen

ByFX Solutions
AuthorJames Chen
Published 09/23/2013, 07:01 AM
Updated 01/01/2017, 02:20 AM

The euro got a boost over the weekend after German chancellor Angela Merkel won the country's latest elections.

It increased to 1.3542 against the dollar yesterday (September 22nd), up from 1.3527 on Friday, reports BBC News.

Nicholas Spiro, who runs his own research firm, Spiro Strategy, said the win for Ms Merkel is a vote of confidence in the way she has handled the eurozone crisis.

"No other leader of a major economy has been able to reap more political dividends from an international financial and economic crisis," he said.

Ms Merkel was short of an overall majority, but her conservative party took about 42 per cent of the vote and she could now seek to form a coalition with the Social Democrats, who won about 26 per cent in the polls.

The German chancellor has been a vital figure in the resurgence of Europe from the recession in the last few years, but she has proven to be a divisive leader due to countries such as Greece struggling to cope with their austerity plans.

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