EUR/USD Holding up better than sterling despite Italian issues..Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle

 

EUR/USD SHORT TERM TRADER:  New long at 1.1600; stop below 1.1500. 

EUR/USD POSITION TAKER:  Square. Target 1.1800.

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This week the Financial Times reported that the Saudi Arabian central bank and state pension funds have instructed their overseas asset managers to sell all Canadian equities, bonds and cash holdings, ‘no matter the cost’.  Yesterday Canadian PM Justin Trudeau noted that the kingdom had made some progress on human rights but that Canada would continue pressing on civil liberties.  Also yesterday Saudi foreign minister al-Jubeir added that Ottawa knew what it needed to do to ‘fix its big mistake’, Reuters reports.

Italian media are reporting that discussions about the Italian budget started Friday, earlier than September when they were expected.  This sent yields on their massive sovereign debt market higher, 2-year BTPs up 40 basis points, forcing the central bank to buy the paper and stem the losses in its value.

EURO/US DOLLAR

Holding up better than sterling despite Italian issues and the commodity channel index turned positive on last night’s close.

 

 

Financial Markets & Political Commentary

 

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