European Parliament Shaken Up After Election Results

Brexit party wins EU elections in UK

The EU election results have stunned MPs, with emerging parties surging to victory in Britain, France, Italy and Poland. Far right parties topped the votes in these countries, with the highest voter turnout in 20 years. However provisional results showed there was little change at the overall balance of power, with socialists, greens, liberals and conservatives maintaining control of 506 of the 751 seats.

Theresa May vented her frustration as “very disappointing,” given that Nigel Farage’s Brexit party which was launched just six weeks ago scored 36% of the vote with a hard-line message to take Britain out of the EU on October 31. Pound fell against SGD by 0.26% yesterday evening to 1.74 range at the interbank rates.

Aussie lower in light-holiday trading

With both the UK and United States closed yesterday due to a bank holiday, it’s been a relatively subdued start to the week. The first significant pieces of date to watch out for come in the form of Australian building approvals m/m as well as private capital expenditure for the quarter this Thursday, 9.30am (GMT+8:00). AUD/SGD pair slipped by 0.14% yesterday evening and the interbank rate is currently hovering around 0.95 mark.

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