Euro plunges as Merkel QUITS as party leader of CDU and Europe stands on a knife edge

Monday, October 29, 2018
By Paul Martin

THE euro fell to session lows today as the news broke German Chancellor Angela Merkel would not be continuing her position as the leader of her party after 18 years.

Mon, Oct 29, 2018

The Euro fell to 0.88p against the Pound today as the news broke the German leader would not be standing as Chairwoman of the CDU.

The currency headed for the lowest level in two months. It fell as much as 0.4 per cent to touch a day low of $1.136 against the dollar while German Bund yields rose one basis point to 0.36 per cent.

The German Chancellor told leaders of her Christian Democrats (CDU) that she will not seek re-election as party chairwoman at a conference in early December, a senior party source said.

Merkel, 64, has been CDU chairwoman since 2000 and giving up the role would start a race within the party to succeed her as chancellor.

German news agency DPA, citing sources, tweeted that Merkel wanted to remain chancellor although this would be an unprecendented move.

The news follows a catastrophic election in the German state of Hesse where the CDU suffered losses.

Despite Merkel’s party remaining the largest in Hesse, Klaus-Peter Willsch, the CDU’s representative in the state, said the result was a demonstration of how no one was satisfied with the current federal government.

“This is a true hint that it is not a state policy but a federal policy problem we are facing – everyone could see our government is not performing,” he told CNBC.

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