Euro (FXE) Slips Ahead Of Ireland Election Results

The Euro (EUR) is trading significantly lower against its major counterparts in the last trading day of the week as markets are waiting to see the results of the Irish election and its new government's stance on the country's sovereign debt. Most of the polls suggest that the current government is going to lose badly and it remains to be seen if the incoming new government will continue the tough austerity measures and other conditions made by the EU and IMF as the part of the bailout package. That is why investors seem to sell the European single currency in favor of other ones, even preferring the sliding US Dollar (USD) at the moment. The EUR/USD currency pair fell from the three week high of 1.3837 all the way to 1.3740s, which is still fairly higher than last week's close of 1.3684, if , of course the pair does not slip further. The Euro lost its ground against the Japanese Yen (JPY) and Swiss Franc (CHF) as well, while only managing to hold some of its yesterday's gains against the British Pound (GBP). The EUR/JPY pair fell from 113.40s to 112.24, the EUR/CHF dropped from 1.2840 to 1.2755, and the EUR/GBP slipped from this month's high of 0.8592 to 0.8530s, which is still a decent gain from last week's close of 0.8427.