Saxo Bank’s Head of FX Strategy John Hardy says the poll results are a “huge development” but that short term we’re unlikely to see much effect, especially as both the US and the UK are on holiday today. However, John points out that long term we’ll have to “see whether the ECB can hold this whole thing together” .

The Euro ended last week not far from its lowest ever ATR (Average True Range). These European election results, while bad for EU federalists, may actually please the markets as the ECB takes note of public sentiment shortly before it has to decide how broad a package of stimulus measures are needed.