Parliamentary elections in Germany, the largest economy of the eurozone, will be held on September 24. According to polls, the current Chancellor Angela Merkel's “Christian Democratic Union” party is leading with 37%, and its main opponent “Social Democratic Party” has picked up only 21% of the vote. In anticipation of Merkel's victory, euro long positions are rising, as the market believes that her re-election will guarantee the preservation of the current political and economic course.
A few days ahead of election, the euro is at its 2.5-year-high, which was supported by the acceleration of the eurozone GDP growth and the decline of the US dollar. The results of the German elections will be the key factor determining the further dynamics of the euro.
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