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With the Spanish confidence vote underway, it is official that Rajoy has been voted-out in a no-confidence motion, making Sanchez the news Spanish Prime Minister (PM). Sanchez is due to be sworn in as premier by King Felipe in the coming days.

Rajoy’s defeat is mainly due to a huge corruption scandal involving the governing party.

The EUR/USD pair is unfazed by the latest Spanish political development, as markets eagerly look forward to the US May labor market report for fresh direction.