The euro regained earlier losses on Monday but remained prone to volatility as early counts in Italian elections pointed to stronger-than-expected results for eurosceptic parties, with no major party blocs winning an outright majority.
The common currency found some support as Germany's Social Democrats decisively backed another coalition with Chancellor Angela Merkel's conservatives.
The euro traded at $1.2333, slightly above its late US levels, off its seven-week low of $1.21545, which it touched on Thursday.
Exit polls and early counts showed Italy's 5-Star Movement is likely to be the largest single party by a wide margin, a projection a prominent deputy from the party called a "triumph".
The centre-right bloc, made up of former prime minister Silvio Berlusconi's Forza Italia, and the far-right League and Brothers of Italy, is set to win most seats but is seen falling some way short of an absolute majority.
With full results not expected for a few hours or more, market reaction has been limited so far but investors are likely to take fright at any suggestion the 5-Star could form a coalition with the right-wing League.
Exit polls suggested the two forces would have enough seats to govern together and they have in the past shared strong anti-euro views. While the League still says it wants to leave the single currency at the earliest feasible moment, the 5-Star says the time for quitting the euro has passed.
_______________
Read more:
Italians head to polls after bitter campaign
Party's rise puts Berlusconi's mansion back in spotlight
Italy’s 31- and 81-year old political rivals woo mainstream voters
_______________
"On the whole, the results appeared to be in line with prior polls. The focus now is whether the League will become the biggest party in the centre-right bloc. In that case, there's a chance the bloc could fall apart," said Hideki Kishida, senior analyst at Nomura Securities.
The euro started the week on a solid footing as two-thirds of SPD members supported the coalition, clearing the way for a new government in Europe's largest economy after months of political uncertainty.
The US currency was also on slippery footing after President Donald Trump last week proposed tariffs on imported steel and aluminium, raising fears of retaliation from its trade partners that could trigger a trade war.
"I would think the market will soon digest European politics and shift focus back to the trade issues, in which case the dollar is likely to come under pressure," said Yukio Ishizuki, senior strategist at Daiwa Securities.
The dollar was softer against the yen at ¥105.43, near Friday's 16-month low of ¥105.24.
Bank of Japan Governor Haruhiko Kuroda said the BOJ would consider an exit from its ultra-easy monetary policy if it met its inflation target in the next fiscal year from April 2019.
Traders will be looking at confirmation hearing in the parliament by two nominees for BOJ Deputy Governors, Masazumi Wakatabe and Masayoshi Amamiya.
The%20specs
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COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
SPECS
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Specs%3A%202024%20McLaren%20Artura%20Spider
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Company%20Profile
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COMPANY%20PROFILE
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Queen
Nicki Minaj
(Young Money/Cash Money)
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY%20PROFILE
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Company%20Profile
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Meg%202%3A%20The%20Trench
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ANATOMY%20OF%20A%20FALL
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Dunki
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Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Company%20profile
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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UAE currency: the story behind the money in your pockets