Free Trial

Italy still searching for a government -......>

FOREX
FOREX: Italy still searching for a government
- Markets paused today as the Italian stalemate continued, JPY remained strong
via the crosses lending support to major currency pairs.
- Commodity based currencies witnessed decent gains of +1% across the board
following the strong rally in oil prices. NZDUSD looks set to challenge $0.7000,
AUDUSD squeezed to $0.7584.
- BoC left rates unchanged as widely expected, but did remove their 'cautious'
reference to rates. USDCAD touched react lows of C$1.2836 on the hawkish
statement, EURCAD printed 4-month lows of C$1.4917, CADJPY improved to Y84.95
before meeting resistance from the 100-dma (Y85.03).
- Improving risk appetite allowed both EUR & GBP to register decent gains.
EURUSD remains comfortably above $1.1640 following RTRS headlines that said
Italy's 5-star calls for Savona to withdraw candidacy for Economy Ministry to
allow government to be formed. GBPUSD briefly made a show above $1.3300, before
EURGBP short covering pared light gains.
- SEK remains top of the G10 pile after the strong Q1 GDP release.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.