Euro bolstered by new budget reports from Italy

Posted 03 October, 2018

The euro has resumed strengthening in the mid-week after almost 5-day slackening. The positive impact came from Italy, as the government expressed plans to reduce budget deficit beginning from 2020, and thus the tensions that shook the market softened.

The euro-to-US dollar exchange rate improved to 1.1561, after falling down to 1.1504  yesterday. The euro has also gained positions against the Japanese currency standing at 131.61. For reference, the rate plunged to 131.18 on Tuesday.

According to the local media, Italian government plans to cut the budget deficit in 2020-2021 to 2.2% and 2% respectively, though the announced rate for 2019 at 2.4% will not be revised.

Notably, earlier the officials stated that the budget deficit would be set at 2.4% for the next three years, which conflicts with the EU requirements. With such figures, the markets became fragile. The draft budget is to be submitted to the corresponding EU bodies till mid-October.

As for the US dollar, the US Dollar index decreased to 95.10.

The US dollar posted gains vs the yen to 113.84 on better demand for risk assets. The sterling rose to 1.2990 against the greenback. However, investors remain pessimistic about the Brexit.


 

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