The shared currency moved down following reports that Angela Merkel will no run for a new term in office as a CDU head, according to Bild. She has been at the helm of CDU since 2000 and the German chancellor since 2005. “A dramatic sign of her waning authority” was cited by a person familiar with the matter. According to media reports Friedrich Merz is ready to replace Merkel in a CDU head position. The euro slid immediately to 1.1360 from above 1.1410 on the news reaching its lowest point in the day.
The pair lost 50 pips in response to the news that Merkel will no run for the next term in office as CDU head. Source: xStation5
