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Euro Slides on Catalan Independence Vote, Spanish Stocks Fall

Euro Slides on Catalan Independence Vote, Spanish Stocks Fall

Martin Essex, MSTA, Analyst

Talking Points

- EUR/USD fell in early European business Monday after the violent independence poll in Catalonia.

- Spanish stocks dropped and Spanish sovereign bond yields jumped.

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The Euro fell back in early European trading Monday in the wake of the secession vote in Catalonia. Spanish riot police used batons and rubber bullets against voters and Catalan officials said more than 800 people were injured in clashes. Some 90% of those able to vote chose independence from Spain, according to Catalan officials.

In the markets, EUR/USD eased but the drop was not enormous, with the pair sliding from a high of 1.1832 Friday to around 1.1740.

Chart: EUR/USD Five-Minute Timeframe (September 29 to October 2, 2017)

Euro Slides on Catalan Independence Vote, Spanish Stocks Fall

Chart by IG

Elsewhere in the markets, the yield on benchmark 10-year Spanish sovereign bonds climbed by 3.3% to 1.668%, putting the spread over 10-year German Bunds at 118.8 basis points. The IBEX 35 index of Spanish stocks was down 0.95% at 10,283.

The violent Catalan vote, which had earlier been banned, could lead to a constitutional crisis in Spain and is likely to end with an offer by Madrid of more autonomy for the region centered on Barcelona.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

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