There was hope at the start of the long weekend that Brexit talks may have some potential wiggle room as EU nations appeared to consider stepping away from the Irish Backstop talks and listening to the UK’s alternatives, however as expected there was no definitive conclusion from potential discussions.
Over the weekend the GBP/EUR interbank rate remained at similar levels reached at the end of last week with the rate spending much of the weekend over 1.10.
The drama surrounding Italian politics is once again going to go all the way to the wire with a deadline tonight for the Five Star Movement (M5S) to keep a hold of power.
Earlier this month The League who had teamed up with M5S at the last general election were pulled out of the coalition by leader Matteo Salvini. Giuseppe Conte who is the Prime Minister and leader of the M5S resigned last week as Prime Minister meaning unless a new coalition is formed then there will be a general election.
Currently the prospect of any of these sides finding common ground looks tricky as M5S are a far-right group sharing few similar views with any other parties, which suggests the general election may not be far away.
It would be difficult to see if there was a general election would there be much difference from the current situation? Adding to all of this the Italian budget needs to be submitted to the EU for next year and that can’t be decided until there is a group in power.
The issues surrounding Italy appear to be escalating and the current dilemma is unlikely to have little more than a negative effect on the euro, anyone who is holding or waiting to sell Euros may wish to keep a close eye on this story.
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