StockMarketWire.com - Stocks rallied in both Europe and the US for the majority of the European trading session, putting downward pressure on the US dollar. However, following the increasing likelihood of Italian elections favouring the centre-right, stocks and the euro pared earlier gains with the S&P currently -0.36% at 1,510.09.
The risk-on sentiment that was seen overnight in the Asian session has since returned, which has pushed the US dollar index higher, in-keeping with the US stocks/dollar inverse correlation, the index is trading +0.12% at $81.58.
The US dollar is mixed heading into the US trading session - EUR 0.11% 1.3174, AUD -0.39% 1.0279, CHF 0.12% 0.9305, and GBP -0.01% 1.5131.
The 17 country currency euro had been trading as high as $1.3318 against the dollar during the afternoon session before dropping sharply as Berlusconi's coalition made significant inroads on the centre-left lead. The euro was trading 0.03% lower for the day against dollar at £1.3184.
Updated projections for the election now put Berlusconi's grouping on the centre right at 31.9% with Bersani's centre-left coalition gaining 28.7% and Grillo's Five Star Movement taking 24.9 and Monti centrist alliance taking 8.4% of the vote.
The euro is trading lower against the majority of its counterparts - USD -0.12% 1.3169, AUD -0.13% 1.2797, CHF -0.18% 1.2258, and GBP -0.83% 0.08693..
At market close:
Story provided by StockMarketWire.com
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