Italy's voting booths close at 23:00 CET.......>

EURO: Italy's voting booths close at 23:00 CET (22:00 GMT). The M5S party will

likely get the most votes; the centre-right bloc will likely get the most votes

as a coalition & the PD will likely secure the most seats as a single party.

- The election will be the first to be conducted under the new electoral law.

- The 1st exit polls are exp. just after voting closes, with the 1st parliament

composition projections exp. between 00:00-00:30 CET (23:00-23:30 GMT).

- A hung parliament looks the most likely outcome. The latest opinion polls

suggest that all of the potential coalitions will receive <40% of the vote (the

amount required to govern), although the centre-right bloc are talking up their

chances with projections giving them a little >35% of the vote.

- Markets seem to be fearful of a centre right coalition or one headed by M5S,

BTP futures lost around 75 ticks over the final 3 hours of trade on Friday. 

- Upside levels for EURUSD include the Feb 26 high of 1.2355, then 1.2402, the

61.8% retracement of the 1.2555-1.2155 move. To the downside $1.2244 represents

the 50% retracement of the 1.2155-1.2333 move, then the 61.8% retracement of the

move @ 1.2229, followed by the 76.4% retracement of the move @ 1.2197.