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Forex Flash: Race for the Italian Senate quite interesting – TD Securities

For the Senate, initial polls suggest 36% for Centre-left (Bersani), 30% for Centre-right (Berlusconi), 9% for Civic Choice (Monti) and 20% for Five Star (Grillo). "This leaves the race more interesting in the Senate, and still provides some risks, where the regional results are more important and we still don’t have enough details to make a conclusion", wrote TD Securities analysts, adding that "the early instant polls suggest Monti’s coalition could add another 21 seats if needed for a coalition government, so a market-friendly outcome would still be possible". Monti's results came in very disappointing, much below 15% expectations, while Grillo's 20% came in even higher than the 15% forecast. "Most votes require only a simple majority and Constitutional votes do require a super-majority, but one that is overcome if PD and PdL were to agree on any needed changes", they concluded.

Forex Flash: Bernanke to correct the early-end-to-QE3 FOMC reading - BBH

Ben Bernanke is scheduled to speak in his semi-annual testimony on Tuesday and Wednesday. BBH expects him to address recent hawkish reading of the latest FOMC minutes. The BBH Global Currency Strategy Team expects Bernie "to help 'correct' the reading of the recent FOMC minutes that some observers seemed to understand somewhat hawkishly, expecting an early end to QE3."
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Forex: EUR/GBP reaches 16-month high

The euro took advantage of the broad weakness seen in pound on the back of the UK downgrade by Moody's with EUR/GBP climbing toward its strongest level in 16 months.
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