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EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – EURUSD and Italian See Brief Dip as Italy Looks to Cut Growth Forecasts

EUR: The Euro saw a brief dip alongside Italian stocks after source reports noted that Italy is to lower its 2019 GDP forecast to 0.1% from the overly optimistic 1%, which in turn would see the budget deficit move to 2.3-2.4%. This had been similar to reports out yesterday, nonetheless, Euro saw a slight to 1.1220, which also followed reports that German growth was said to be lowered to 0.8% from 1.9%. Elsewhere, the ECB meeting minutes provided little in the way of price action, given the lack of new inflation. Ahead of the event, EURUSD options had signalled that volatility would be somewhat tame (click here)

USD: The US Dollar is marginally higher across the board with the exception of the JPY. FX volatility has been somewhat subdued this morning with a lack of drivers to instigate notable price action. GBP is underperforming after yet another failed attempt to crack above 1.32. JPY crosses have dipped slightly as equity markets move higher stalls.

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

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WHAT’S DRIVING MARKETS TODAY

  1. Gold Price Forecast: Short-Term Support Ahead of US Labour Report (NFPs)” by Nick Cawley, Market Analyst
  2. Stock Market Outlook: DAX Given China Boost, S&P 500 Signals Warning” by Justin McQueen, Market Analyst
  3. FTSE Chart Has Trend Resistance in Play, but Hard to Be Too Bearish” by Paul Robinson , Market Analyst
  4. GBP Price to Shrug off Shorter Odds on Corbyn as Next UK Prime Minister” by Martin Essex, MSTA , Analyst and Editor
  5. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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