Let me remind you that the elections to the European Parliament were held in 28 EU countries from Thursday to Sunday. As for the preliminary results, the European Democratic Bloc "European People's Party" received 23.8% or 179 votes. The party "Progressive Alliance of Socialists and Democrats" gained a little less than 20% and 150 parliamentary seats. However, these two friendly blocs of parties do not gain an absolute majority of votes in sum, which will force them to seek allies for the formation of the ruling coalition. Many were surprised by the rather high voter turnout of about 50.5%, whereas last year, less than 43% of the citizens came to the polls.
As for the nationalist party Europe for Freedom and Direct Democracy, as well as the European skeptic party Europe of Nations and Freedoms, their support by the electorate has also increased significantly. According to the results of the games will take 56 and 58 places respectively.
As expected, the majority received the pro-European forces. Yet, this does not simplify the task of resolving issues with the release of the UK from the EU as the decision-making processes in the block have become even more complicated. Of the representatives of the deputies, many are not focused on business support, as well as environmentalists.
Returning to the fundamental data, we should note the report on the American economy. A pressure formed in the US dollar on Friday and as a result of which, it was possible to observe the strengthening of risky assets. According to the report, orders for durable goods in April 2019 declined slightly more than economists had predicted. Reduced orders are directly related to weak demand for civil aircraft due to problems with Boeing Co.
According to a report by the US Department of Commerce, orders for durable goods in April decreased by 2.1% compared with the previous month amounting to $ 248.4 billion. Economists had expected orders to fall by 2% in April. Data for March were revised downwards. Initially, an increase of 2.6% was reported against an actual increase of 1.7%. In the first four months of 2019, orders for durable goods increased by 2% compared with the same period of the previous year.
As for the technical picture of the EUR/USD pair, a further upward correction will be problematic without the formation of a new lower boundary of the ascending channel, which can be observed in the area of the minima at 1.1190 and 1.1170. The target buyers of risky assets will be highs in the area of 1.1230 and 1.1260.
The material has been provided by InstaForex Company - www.instaforex.com