Markets have reacted to the announcement of his departure with relief or hope? Equity markets as EURUSD. Investors ' confidence will be tested today when Italian bonds are traded once again. 10 year performance Yesterday's 6.75% did not look good.
With 2 billion euros of debt Italy has a long way to go to get their house in order. But it will be a difficult task as Italy's rigid labour laws and social welfare don t like people lose.
The new Prime Minister should be one to watch the France where reforms and cuts are implemented and now begin to pay. Not for the general public s approval rating but very much needed.
Some important data in inflation in China were released during the night and the inflation rate of 5.5% could open for loosening of monetary policy to support growth. The slowdown of Chinese growth as seen over the last quarter was a worrying sign for the global economy. Monetary easing could reverse this trend.
A rather thin economic calendar for the euro zone as the U.S. means focus on old problems EU debt problems at the top of the list of food markets.
EURUSD has had a remarkable range of close last week. Give and take some pips, for 1.3850 1.3650 range is much lower than normally seen for a week.
Probably will not last long and the question is of course how you move. I heard yesterday would perhaps set the stage for a move but not EURUSD was virtually reduced despite Italy taking center stage. It's tempting to say that we will make a move today, but it is difficult to define indicators of this support for today.
Scalpers have had a few days of trading easy for all this period of calm. Almost everywhere you entered to search 30 pip, you would get it within a reasonable timeframe and you may repeat this a few times a day. But watch out don t too used to it. This market has never lacked indicators or data or news to trigger moves. Sometimes arrive when you least expect it.
Enjoy peace and quiet while it lasts.
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