After Greece, it’s now Italy’s turn to have European officials dancing to its tune. Italy was offered EFSF support at the G20 summit last week but the Italians declined the offer. Now that money could come in handy if borrowing conditions rapidly turn for the worse. Yesterday the EUR/USD fell from 1.3859 to 1.3515 and the next move will depend on how fast Greece and Italy can resolve their political crises and the measures that the new governments will try to take. For today’s session, our expected trading rage is 1.3450-1.3650.
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