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Euro Tests Lows Ahead of Expected No-Confidence Vote in Italy


Tuesday, 20 August 2019 15:22 WIB

DOLLARSecurity Europound


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The dollar was little changed in early trading in Europe Wednesday but starting to build momentum against the euro at the start of a day where politics is likely to dominate economics.

The euro was at $1.1079 by 3:30 AM ET (07:30 GMT) and looking to test last week’s low of $1.1066 ahead of a big day in the Italian parliament. Prime Minister Giuseppe Conte is due to speak in the afternoon and is expected to resign ahead of a no-confidence vote that has been called by the right-wing Lega party, the junior member of the governing coalition. While both the Lega and its partner the 5 Stars Movement appear to have given up on continuing their government, it is far from clear what might follow if the no confidence vote succeeds.

The pound was at 1.0927 against the euro, down 0.3% from late Monday and apparently resuming its slide, ending a short-covering rally that was triggered by hopes that lawmakers would strike a cross-party agreement to block a No-Deal Brexit.

The dollar index, which tracks the greenback against a basket of currencies, was up less than 0.1% at 98.257.

Source : Investing.com


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