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Forex Flash: Italian polls in focus Monday, market friendly outcome expected – UBS

Italy's general election got underway on Sunday and voting booths are due to remain open until 14:00 GMT Monday. The results of exit poll surveys are likely to hit the newswires shortly afterwards and while these may not be reliable indicators of the final outcome, volatile euro trading should be expected as estimates are refined over the following 12 hours or so.

“Our European economists still expect a market-friendly outcome as their base case, and the relaxed behavior of Italian sovereign bond yields over recent days suggest this is now a consensus view.” notes Research Analyst Gareth Berry at UBS.

Forex Flash: GBP/USD down in kneejerk reaction - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Pound has weakened initially in a knee-jerk fashion following the announcement from Moody’s late on Friday that it had decided to downgrade the UK’s sovereign debt rating by one notch to Aa1 from Aaa.
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