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Jul 21 - 06:55 PM

EUR: An Italian Snap Election Is Most Likely And Would Be Unequivocally Negative For EUR - Citi

By eFXdata  —  Jul 21 - 02:30 PM

Citi discusses the political situation in Italy and its potential impact on the EUR.

"The Italian political crisis carries on, with the house confidence vote results likely around 14:15 BST. CitiFX Strategy stating that Prime Minister Mario Draghi appears likely to resign after losing support from three key parties in his coalition who boycotted the vote (the Five Star Movement, Forza Italia, and League) after Draghi reiterated that he wanted the widest possible backing during the address to Parliament early today," Citi notes. 

"This would make a snap election the most likely scenario (should Draghi step down), which CitiFX Strategy says would be unequivocally negative for EUR, as markets will price in more risk premia from the political uncertainties in the next few months," Citi adds. 

Source:
Citi Research/Market Commentary

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