The primary headline of Angela Merkel winning a historic 4th term is the one that will likely drive market activity. Despite disappointment over lost votes from CDU/CSU and SPD, the rise of right wing populist AfD and questions over the exact government make-up, the outcome of yesterday Bundestag elections will be pro-Europe, centrist, coalition government. Yes, there are granular uncertainties which will delay Germany’s role in great EU integration, but Merkel has indicated that a coalition agreement should be reached by Christmas. EURUSD reacting calmly, with marginal USD strength, but trading well within its recent ranges. EURCHF move higher indicates that the overall result of the German election is broadly pro-Euro.
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