But a hung parliament is still the projected outcome
The Five Star Movement party is on course to be the most-voted single party by far, but Silvio Berlusconi's Center-Right coalition is on track to win the larger percent of the vote.
But the "surprising" result is that the Lega (Northern League) party is on course to win more votes than Berlusconi's own Forza Italia party. They are known to be anti-immigrant and erring slightly on being Euro-skeptic.
The expected result is still a hung parliament and we're set for a period of prolonged and tense negotiations towards the formation of a government.
Until the dust clears, it is likely to weigh further on the euro for the time being. But judging by the price action, it looks more the case that euro buyers are just waiting on the sidelines for the green light to give them the all clear to get back into the market.
