May 20-24. European Parliament Elections

2019-05-19

The results of the elections to the European Parliament, which will be held from 23 to 26 May, will determine not only the future political picture of Europe, but also predict the monetary policy of the Central Bank of Europe.

The current head of the Central Bank of Europe, Mario Draghi, will leave office in October, but the candidacy of the successor will be roughly known by the results of the number of seats occupied by the EU political parties in parliament. The uncertainty of the future monetary course will also lead to a temporary outflow of funds from positions in euros.

Among the minor news can be noted the start of negotiations on candidates for the post of Prime Minister of Great Britain (Theresa May will leave him in June) and a possible escalation in the “Iranian direction”.

The United States has closed the possibility of exceptional oil supplies from Iran to eight countries, but China demonstratively violates this ban by openly unloading tankers. What response will these events cause, what results will the investigation of an attack on tankers in the UAE come to, how will the additional US military forces end up on the shores of the Islamic Republic? Answers to these questions, and related trends in the foreign exchange markets, we are waiting for this week.

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