Following the announcement of Catalonia’s referendum results, the euro exchange rate dropped by 0.3% to $1.177. Meanwhile, robust economic data from China and Japan supported stocks and commodities.
According to analysts, persecution by the Spanish government only benefited the supporters of the referendum. About 90% of Catalans said ‘yes’ to independence from Spain. However, the Spanish constitutional court declared the vote illegal.
So far, there have been no major sell-offs in the euro and no investors’ flight into safe-haven assets.
