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EURO-DOLLAR: EUR/USD last at $1.1188, 7 pips higher but shy of earlier peak.
- Infighting between Italy's ruling coalition partners reached a boiling point,
taking the gov't to the brink of collapse. Deputy PM Salvini declared that PM
Conte's gov't no longer commands a parliamentary majority and called for a
confidence vote to be held next week. MNI sources suggested that a snap election
would mean that Italy will have no definitive budget or fiscal targets for 2020,
which could yet again set Rome on a collision course with Brussels.
- German FinMin denied a RTRS report claiming that Berlin is mulling a 'u-turn'
in fiscal policy to finance a climate protection package with new debt issuance.
- Bears look to return above $1.1200 before challenging the $1.1225 100-DMA.
Meanwhile, bears would be pleased by a retreat below the Aug 6 low of $1.1168.
- EUR/USD rose into yesterday's London morning before sliding firmly, but losses
were pared on the RTRS story re: German debt. U.S. Pres Trump's complaint re:
USD strength triggered a spike, but the rate ebbed back into the red thereafter.
- EZ highlights today are German trade data, Italian CPI and French & German
industrial outputs. No speeches from ECB members are expected.