Earlier today the Euro gained ground against the Dollar before Italy sells bonds. This gain has come after a parliamentary weekend election failed to produce a clear victor.
Italy will now look to auction as much as 4 billion Euros ($5.23 billion) of 10-year bonds and 2.5 billion Euros of five-year notes.
I predict that any relief rally on the basis of the Italian auctions could be worth selling into should the auctions go well.
For the Euro though, there is still a great deal of uncertainty to work through in the months to come, with the market's stance being that the Euro zone's crisis is far from over.
The Euro rose 0.2% to $1.3091 and remained little changed at 120.05 Yen. The Yen climbed 0.3% to 91.72 per Dollar.
I predict that any relief rally on the basis of the Italian auctions could be worth selling into should the auctions go well.
For the Euro though, there is still a great deal of uncertainty to work through in the months to come, with the market's stance being that the Euro zone's crisis is far from over.
The Euro rose 0.2% to $1.3091 and remained little changed at 120.05 Yen. The Yen climbed 0.3% to 91.72 per Dollar.
Sterling was at $1.5106, within 0.3% of its lowest level against the Dollar in more than 36 months, and depreciated 0.3% to 86.59 pence per Euro.
The Pound had depreciated ahead of a report, by the Office for National Statistics, that analysts predicted would show that the U.K. economy had contracted by 0.3% in the last quarter of 2012.
In all, the pound has depreciated 5.6% in 2013 making it amongst the worst performers among developed-market currencies. By comparison, the Dollar has gained 2.5% and the Euro 1.5%.
The Pound had depreciated ahead of a report, by the Office for National Statistics, that analysts predicted would show that the U.K. economy had contracted by 0.3% in the last quarter of 2012.
In all, the pound has depreciated 5.6% in 2013 making it amongst the worst performers among developed-market currencies. By comparison, the Dollar has gained 2.5% and the Euro 1.5%.
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