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Italy Government Debt Rises to a Record High

Italy Government Debt Rises to a Record High

2013-08-12 10:06:00
Benjamin Spier, Technical Strategist
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European Session Update: Euro and Aussie fall against US Dollar, as a quiet European session turns trading attention to Fed…

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A fairly quiet start to the week left Forex markets to trading on broader themes during the European session. The US Dollar is the biggest winner thus far in today’s trading, as attention may be turning back towards the worry over Fed tapering, as addressed in today’s Euro Open.

In Italy, General Government Debt rose to 2075.1 billion Euro in June from 2074.6 billion in May, which the Bank of Italy announced as a record high. In Greece, the gross domestic product (NSA) declined 4.6% annually from 2Q 2012, which was slightly better than expected.

The US Dollar strength led to a 70 pip decline in AUD/USD trading, after setting a two week high at 0.9221 earlier in the day. The monthly high at 0.9318 may now provide resistance, and support may come in by the key 0.9000 figure.

The Euro-zone GDP will be announced on Wednesday, and Euro traders will be watching if the economy did in fact expand in Q2, ending six straight quarters of recession.

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AUDUSD Daily: August 12, 2013

Italy_Government_Debt_Rises_to_a_Record_High_body_audusd.png, Italy Government Debt Rises to a Record High

Chart created by Benjamin Spier using Marketscope 2.0

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

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