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Euro Stagnation Continues Despite Equity Rally

Euro Stagnation Continues Despite Equity Rally

Benjamin Spier, Technical Strategist

European equity markets continue to rise for another day, reflecting three straight days of climbing S&P index levels in the United States. The exact source of the European rally today is tough to pinpoint, but the progress in the gridlocked Italian politics may be a source of market optimism.

Expectations are high for Italian President Napolitano to announce a nominee for prime minister today. The Repubblica reported that Napolitano will nominate Democratic Party’s Lett, but some speculators are also looking towards the 38-year old mayor of Florence, Matteo Renzi. Again, Euro investors are looking for a premier who won’t undo the structural reforms put in place by outgoing PM Monti.

On the positivity, Italy sold 2014 zero coupon bonds today for a record low 1.167%. However, the Euro has not enjoyed a rally like the region’s equities. EUR/USD is only slightly higher than the open today at 1.3002, but the pair managed to erase an earlier decline to 1.2953 following disappointing German IFO survey results. EUR/USD has yet to close higher than the open in this week’s trading.

The Bank of England announced today that it will extend the Funding for Lending Scheme by a year, and Governor King said in a note that FLS is a valuable measure. King further mentioned the risk of uncertainty in the Euro-zone.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

EURUSD Daily: April 24, 2013

Euro_Stagnation_Continues_Despite_the_Equities_Rally_body_eurusd_daily_chart.png, Euro Stagnation Continues Despite Equity Rally

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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