Euro rebounds amid easing of tensions in Italy

Posted 30 May, 2018

The euro has managed to recover above $1.16 after hitting the bottom a day before driven by the political instability in Italy.

The euro-to-US dollar exchange rate rose to some 1.1616, while earlier the rate was recorded at some 1.1509 during the previous session. The rate against the Japanese currency increased to 126.77 (125.06 earlier).

The situation in Italy is related to the fact that the Italian populistic parties refused to accept the mandate to establish a coalition government. The leading parties took such position after Italy's president rejected the nominated person as a next Minister of Finance. 

As a result, investors reportedly fear that re-elections can be considered as a referendum regarding the role of Italy in the EU and its future as a part of the union. This means that anti-EU parties can get extra support in case of the re-elections in the country.

At the same time, the reports that the leading parties in Italy will make another attempt to establish the government have somewhat improved the situation. However, investors are said to remain concerned about the political risks in the euro-area. 

Nevertheless, extra tension is coming from the US-China issue that is gathering pace now as well as the fact that the period of EU exception from the US import duties on steel and aluminium will expire this week.

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30 May, 2018 15:09

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