We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
Real Time News
  • The $AUD stands to swing in response to changes in #RBA rate cut expectations as forex market participants react to the Australian jobs report. Get your $AUDUSD market update from @RichDvorakFX here: https://t.co/7XgF8yly13 https://t.co/cFWeM4edpM
  • #GBP, #BRL and the #ZAR are expected to be the most active Major Currencies vs #USD with 1-week implied volatilities at 18.77, 13.48 and 12.49 respectively.
  • The Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your Euro market update here: https://t.co/gl9VRc3XEp https://t.co/ImSc0aFHvQ
  • The MSCI #EmergingMarkets Index is at the make or break point, sitting right under key descending resistance from April. A confirmatory daily close higher may pave the way for a retest of June highs https://t.co/wgfNIOdxU9
  • RT @carlquintanilla: JPMORGAN: “We have been on the lookout for signs that the shocks hitting the industrial sector have broadened out .. a…
  • 💵 The US Dollar sank further on disappointing retail sales data which helped drive the $DXY Index below 98. $USD price action now turns to initial jobless claims data and Fed official commentary on deck for Thursday's trading session. Read More⬇️ https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/10/16/us-dollar-price-volatility-report-dxy-index-breaches-98.00.html
  • Precious Metals Update: #Gold 1489.77 (-0.03%), #Aluminum 1728.00 (+0.47%), and #Copper 5773.00 (-0.77%). [delayed]
  • Heads Up:🇬🇧 GBP BOE's Carney Speaks at Event at Harvard Kennedy School due at 22:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-10-16
  • Netflix beat earnings and soared to the top of its implied price range, but the outlook for the stock is concerning as subscriber growth slows.. Can $NFLX hold onto today's gains? https://www.dailyfx.com/forex/market_alert/2019/10/16/Netflix-Shares-Soar-After-Earnings-But-Will-the-Gains-Last.html?CHID=9&QPID=917701
  • The IMF in its GFSR financial report noted risks of over indulgent investors in loose monetary policy markets and stated US and Japanese stock markets "appear to be overvalued". The weekly chart of $SPX to VEU (rest of world) https://t.co/CZ17MnjRJ9
Italian Consumer Confidence Hits 16-Month Low Ahead of Referendum

Italian Consumer Confidence Hits 16-Month Low Ahead of Referendum

2016-11-28 13:30:00
Oliver Morrison, Analyst
Share:

Talking Points

- Italy’s consumer confidence index dips to a 16-month low in November.

- The data are a further setback to Prime Minister Matteo Renzi’s plans to spur economic growth

- It will be volatile week for the Euro as the key Italian referendum approaches.

Both consumer and business confidence fell in Italy in November, according to official data from ISTAT, ahead of the country’s all-important constitutional referendum vote on Sunday, December 4, the key risk event for markets in December.

Italy’s consumer confidence index hit a 16-month low in November, dipping further to 107.9 from 108.0 in October, to remain at the lowest level since July 2015. However, analysts had forecast a worse drop to 107.6. Manufacturing confidence and economic sentiment also slipped to 102.0 and 101.4 from 102.9 and 101.7 last month, figures which were both revised down from 103.00 and 102.4 respectively.

The data present another setbacks for Prime Minister Matteo Renzi’s plans to spur Italy’s economic growth. He wants a ‘yes’ vote in the referendum to get the backing to push through his program of economic reform, and has said he’ll resign if there’s a ‘no’ vote. Brussels also wants a ‘yes’ vote. Without one, the ensuing political uncertainty in Italy threatens to spill over to the whole Euro-Zone, an area already reeling from the summer’s Brexit vote in the UK.

The Euro is rooted in fear of the anti-establishment sentiment sweeping the Western world. US President-Elect Donald Trump’s win has further reinvigorated populist sentiment across Europe, and a ‘no’ vote in Italy would be the latest iteration of the existential nightmare Brexit wrought on the Euro.

If the ‘no’ side is victorious – and it’s been ahead for most of the past couple of months – also expect pressure to continue on Italian bank stocks in the FTSE MIB Index given the perilous state of the banking sector in Italy. The Financial Times reports this morning that as many as eight banks could fail if Renzi is unable to get a 'yes' vote.

However, in the words of American Bernie Sanders, another politician brimming with populist rhetoric, “we can’t trust the polls because we don’t trust the polls.” Take the news in France at the weekend that Francois Fillon has defied the odds to win the nomination of the French centre-right Republicans for next year’s presidential election. This is seen as Euro positive: Fillon is critical of the EU, but wants to reform the bloc from the inside rather than calling for an exit.

Read more: Risks Increasing for Euro Ahead of Italian Constitutional Referendum

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

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

DISCLOSURES

News & Analysis at your fingertips.