EUR bulls 'should' be able to relax, somewhat, on Austrian election results, pro EU

The euro bulls should be able to relax, for now, with the Austrian election seeing to an outright defeat to the far-right presidential candidate earlier today in a rerun of May's election.

Norbert Hofer, member of the Freedom Party of Austria lost to former Greens leader Alexander Van der Bellen and markets can be relieved as this will be taken as a vote for a "pro-European" politics, especially on the margin that he won by in comparison to May's election, by just 30,000 votes that was increased tenfold this time around.

European Union leaders have been welcoming the result, of course, because Hofer's populist votes were a danger of leading Austria out of the euro and undermining established parties.

EUR/USD opens with a bearish gap to test below 1.06 handle

Meanwhile, we are monitoring the Italian referendum with a 55/59% lead to the no vote so far (euro negaitive).

EUR/USD: eyes on Italian constitutional referendum and more political risks for the euro