Italian government plans further austerity measures

Published on in Foreign Exchange News by

Overnight/Morning Ranges:

EUR/USD 1.4167-1.4270

GBP/USD 1.6094-1.6185

GBP/EUR 1.1322-1.1379

The Italian government plans to release tomorrow further austerity measures for the country as although Italy are not a high-debt nation compared to Greece or Spain, they are due to roll over EUR 1bn of debt soon. Plus today Italy will release the results of their latest bond auction. This is of course after a week of fears over the fiscal position of the country causing its bond yields to surge by more than 14% in the past 7 days.

The Swiss Franc is currently enjoying the benefits of investors seeking safe haven currencies. It yesterday hit record levels against sterling, the euro and the dollar.

The USD weakened yesterday after Fed Chairman Bernanke put QE3 on the agenda and Moody’s placed the U.S. on review for a possible downgrade if the debt ceiling is not raised.

The Euro has rallied nearly 3% from the lows seen 2 days ago versus the USD. Reports that President Obama had stormed out of the latest deficit reduction talks with Republicans added to the bearish USD tone. The two sides are due to meet again later Thursday, with agreement still seemingly some way off as the August 2 deadline for lifting the ceiling approaches. Despite the problems in Europe, the U.S. headlines dominate for the time being.

Sterling still trading around the € 1.1350 pivotal level, and opens above $ 1.6100 in sympathy with the weaker USD. The proposed emergency meeting tomorrow by Euro Zone officials has now been postponed until next week.

EUR/USD currently 1.4211. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6110. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1362. Support 1.1350, resistance 1.1600

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