Market Drivers: The Euro continues to be sold out

The main driver of Monday is political risks in Italy, which radically change sentiment regarding the euro. Thus, at the beginning of the day the euro received support for the reduction of the formation of the new Brexit in Italy. But after, they announced the formation of a technical cabinet, which indicates a new parliamentary election in Italy. And as a result, higher risks of forming a parliament set up to exit from the eurozone.

As a result, after hopes for a settlement of the political crisis in Italy, the risks broke out with renewed vigor, thereby sending the euro to annual lows. As a result, the pair EUR/USD remains under pressure, confining itself to the downward channel and the November low of the last year at 1.1570-50.

Fig. EUR/USD. Current price – 1.1610

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Hanzenko Anton