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EURO-DOLLAR
EURO-DOLLAR: EUR/USD trades at $1.1545, down 15 pips on the day. Points of note
from the weekend include the Bavarian regional elections, Italy's clash with the
EU continuing to unfold & the ongoing Brexit negotiations.
- The Bavarian elections saw the conservative CSU (ruling federal coalition
junior partner) lose its absolute majority, support for the SPD also waned, with
votes being transferred to the left & right, as the AfD & Greens benefitted. The
results were in line with the latest opinion polls. Some believe the Bavarian
election reflects a wider shift in German voting, which could threaten C'llr
Merkel's leadership. Others see it as an opportunity for Merkel to strengthen
her position against her "difficult" coalition ally.
- Elsewhere, Italy is expected to submit its budget to the EU by the end of
Monday, with no Italian concessions foreseen. ECB President Mario Draghi has
warned Rome that the ECB won't rescue Italy if the budget talks fail.
- Friday's range remains intact, with initial support & resistance seen at
$1.1535 & $1.1610 respectively.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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