The common currency started the week on a positive footing, following news that the Italian government may be eventually willing to compromise with regards to its budget plans. That said, the currency reversed early gains, perhaps due to the disappointment in the German Ifo survey and Draghi’s remarks. Even though GBP-bulls did not open Monday with much excitement after EU leaders finalized the Brexit deal, the British currency managed to gain throughout the day.
Euro Up on Italy, Down on Draghi
After tumbling on the disappointing Euro-area PMIs on Friday, the euro ended Monday mixed against its major peers. It gained against CAD, NZD, JPY and AUD in that order, while it underperformed against NOK, SEK, USD and GBP. The common currency traded virtually unchanged against CHF.
The week started on a positive note for EUR-traders following Sunday remarks by Italian Deputy PM Matteo Salvini, who said “I think no one is stuck to it” when asked over the 2.4% budget deficit target. So far, the Italian government has been...
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