As the tussle for the top position in the German government heats up, the Social Democratic opposition is throwing current Chancellor Angela Merkel under the spotlight.
While Merkel was busy advocating unity in Europe the SPD candidate was arguing that the leader is concealing the true cost of the Eurozone debt crisis from voters until after the election.
At a Bavarian rally Merkel asserted: ‘We don’t want to forget that for six decades we’ve been living in peace [but] solidarity isn’t enough in the end if you don’t create the conditions for all of us to be successful.’
The Euro/Pound pairing is currently trading in the region of 0.8559
But across the country at a rally in Detmold SPD candidate Peer Steinbrueck told the crowd that Merkel was hiding the truth about fiscal conditions from the nation until her victory was secured.
Former SPD Chancellor Gerhard Schroeder rallied behind his party mate, asserting that despite protestations to the contrary Greece would certainly be in need of another aid program, with Steinbrueck adding: ‘One gets the impression that this government suffers from short-term memory loss.’
At the opening of the European session the Euro remained supported against several of its peers as a result of expectations surrounding tomorrow’s services/manufacturing PMI reports.
EUR/GBP fluctuations may occur in reaction to this morning’s UK public borrowing figures, although much of the market’s movement in the days ahead will hinge on the content and tone of minutes from the latest Federal Open Market Committee meeting, scheduled for publication at 19:00.
Euro (EUR) Exchange Rates
As of 08:50
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3399 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8559 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4838 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6912 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3974 >