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EUR Sighs With Relief After Draghi Becomes Frontrunner To Be Italian PM

EURJPY

EUR/JPY came under pressure from a retreat in EUR/USD Tuesday, with the latter cross accelerating losses upon the breach of support from Jan 18 low as it slid to fresh YtD lows. The eurozone's shared currency got some reprieve late doors after news wires reported that ex-ECB chief Draghi is the frontrunner to become the next Italian PM.

  • President Mattarella summoned Draghi for noon today to formally entrust him with the mission of forming the next cabinet. Earlier reports suggested that Draghi's candidature was advocated by ex-PM Renzi, who threw the former ruling coalition into disarray. Draghi's nomination soothed the nerves, inspiring expectations that Italy can move on and focus on crisis-fighting.
  • The rate last sits at Y126.40, marginally below neutral levels. A dip through the 20-EMA/yesterday's low at Y126.29/27 would turn focus to Jan 27 low of Y125.60. Meanwhile, a rebound above Jan 29 high of Y127.34 is needed to clear the way to Jan 7/Mar 1, 2019 highs of Y127.49/50.
  • Flash CPI reports for Italy & the whole eurozone as well as a slew of final services PMI readings take focus in the region today.
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