Euro edges up in choppy trade after Italian exit polls

[SYDNEY] The euro dipped then bounced in Asia early on Monday after an exit poll from the Italian election showed the result was likely to be a hung parliament but that the eurosceptic 5-Star Movement had not won enough seats to form government on its own.

The outcome was something of a relief and the single currency was trading up 0.27 per cent at US$1.2350 against a broadly soft dollar, following a brief dip to US$0.2331.

A centre-right coalition is set to win most seats in parliament ahead of 5-Star, with the centre-left third, according to the exit polls.

The centre-right, made up of former Prime Minister Silvio Berlusconi's Forza Italia (Go Italy!), and the far-right League and Brothers of Italy, are seen falling some way short of an absolute majority needed to govern, pollsters said.

REUTERS