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
GBP/USD
Mixed
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
Bearish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Update on #Cryptocurrencies (24H Change) #BITCOIN -3.59% #BITCOINCASH -7.44% #ETHEREUM -4.03% #RIPPLE -4.96% #LITECOIN -8.09%
  • RT @lisaabramowicz1: Today has seen the biggest one-day drop in 10-year Treasury yields since 2016, with the level now just basis points aw…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.82%, while traders in USD/CAD are at opposite extremes with 70.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bULTh7GRop
  • The price of #gold climbs to a fresh monthly high ($1681) as the #coronavirus drags on the global supply chain, and the precious metal may exhibit a bullish behavior over the remainder of the month. Get your $XAUUSD market update from @DavidJSong here: https://t.co/h02KVH9bWE https://t.co/cgq8X9gGZ3
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 1.90% Gold: 1.88% Oil - US Crude: -4.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oZ1KxQywNr
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Oct 03, 2019 when Wall Street traded near 26,200.30. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/XRLFJCPPtr
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.97% 🇪🇺EUR: 0.13% 🇨🇭CHF: 0.06% 🇦🇺AUD: -0.20% 🇬🇧GBP: -0.27% 🇨🇦CAD: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EI1p6OLSRi
  • For the $SPX, this week's opening gap is the worst seen since August 1981 https://t.co/fVM4fHIGcB
  • As far as I can tell, this is the sharpest gap lower to start a week for the benchmark Dow since August 1998 https://t.co/YwPwGbGrL3
  • One of the more desired conditions that traders can look for are short-term reversals in price. Candlesticks themselves can help us see some of these potential reversals, with the Pin Bar. Find out how you can incorporate Pin Bars into your strategy here: https://t.co/0RFcb0Rpja https://t.co/vj3XW5aKEv
EURUSD Outlook: Salvini Calls for Elections After Government Majority Dissolves

EURUSD Outlook: Salvini Calls for Elections After Government Majority Dissolves

2019-08-08 20:03:00
Thomas Westwater,
Share:

Italy Government Breakdown Talking Points:

  • The Euro is largely unchanged after Deputy Prime Minister Salvini called for a vote to have elections following the current governments deadlock over the past few weeks
  • Salvini aims for parliament to acknowledge the governments inability to survive and enable President Mattarella to dissolve parliament
  • DailyFX Forecasts are published on a variety of markets such as Gold, the US Dollar or the Euro and are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

The Euro is little changed versus the US Dollar Thursday afternoon, despite news that Italy’s Deputy Prime Minister Salvini called for a vote to hold new elections for the countries government. The move follows weeks of squabbling in parliament between the weakly formed coalition of Salvini’s Northern League party and Di Maio’s anti-establishment Five Star party and came to a climax today when the coalition between the two parties could not come to a decision on a high-speed rail link to France.

Italy 10-Year Bond – German 10-Year Bond Spread Daily Time-Frame

Italy 10-Year Bond German 10-Year Bond Spread Chart

The Italian 10-Year bond sold off slightly while the Euro trickled higher despite Salvini and his Northern League’s call for a more right-wing agenda that may clash with the EU. The Northern League party has gained popularity since the last election, now just shy of the 40% required to put the party in a controlling majority. Although a situation that mirrors Brexit is still far off, markets have expressed concern regarding Salvini’s tough stance towards the EU as evidenced by his defiance towards rules from Brussels which aim to control debt limits and spending by member states.

EURUSD Price Chart: 1 – Minute Time Frame (Aug 8)

EURUSD Price Chart

Tensions between the European Union and Italy have risen to a fever pitch in recent months as Italy’s budget threatens to exceed the 2% limit set in place by the EU.Brussels has become increasingly frustrated with Italy over its budget deficit. An attempt by the European Commission to curb Italy’s growing debt seemingly fell on deaf ears after Salvini continued his calls for tax cuts. He later warned that Italy will not be able stay below the 2% budget deficit limit. Italy holds the Union’s second highest debt-to-GDP ratio at 132%, far higher than all other members except Greece at 181%.

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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

DISCLOSURES

News & Analysis at your fingertips.