Euro edges up in choppy trade after Italian exit polls


© Reuters. Wads of euro banknotes are stacked in a pile at the Money Service Austria company’s headquarters in Vienna

SYDNEY (Reuters) – 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 percent at $1.2350 () against a broadly soft dollar, following a brief dip to $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.

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