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EURO-DOLLAR: EUR underperformed on Monday, on the back of further Italian budget
woes, pressing EUR/USD back below $1.1600, to last deal at $1.1575.
- The rate was more sensitive to the gyrations in Italian yields & the FTSE MIB
than it was to mixed PMI data from across the EZ.
- From a technical perspective below $1.1600 keeps the recent downtrend intact
with bears focusing on the September 10 low ($1.1526). Bulls initially need to
reclaim the 100-DMA ($1.1650).
- Focus Tuesday falls on EZ PPI & the Italian budget situation. EU's Juncker
warned Italy to not go ahead with its proposed 2019 budget, while RTRS sources
suggested that "Italy's finance minister told his Eurozone peers during a
closed-door meeting in Luxembourg on Monday that details of Italy's budgetary
plans for 2019 were still under discussion within the government." This comes
after M5S party leader Di Maio stated that Italy is not seeking a clash with the