Feb 28, 2013
Forex Flash: EUR under siege as Italy continues to foment risk – Westpac
According to the Westpac Strategy Team, “The EUR seems unlikely to recover much further with 1.32/1.3300 seen as an ideal zone to initiate shorts for a bigger sell-off down to the 1.27/1.2800 zone.” Moreover, discussions for a grand coalition in Italy will likely last weeks and may not yield much. Fresh elections may be called but that will only occur after election laws are re-written. Yet the Italian parliament does not convene until 15 March.
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