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Forex Flash: Italy's next government has to deliver change soon – Merrill Lynch

The Italian election result proves the electorate is strongly voicing a need for change to re-start economic growth, job creation and overall welfare, according to Merrill Lynch analysts. “The detailed breakdown shows the centre left under-performed expectations, losing seven major and registering a narrow victory in many others. On the right side, the Northern League, Berlusconi's ally, comes out significantly weakened in two of its three key regions: Piedmont and Veneto”. In the analysts view, a coalition between PD and Five Stars Movement is viable since they share similar views on institutional reforms, public administration improvements and liberalization measures, but negotiations may be difficult in the coming weeks. Also, the next government will likely have to deliver change or it may soon lose the mandate.

Forex: USD/CHF rises on Bernanke, eyes on Bersani

The USD/CHF, held by 0.9300, jumped as Fed's Bernanke gave a less dovish speech before the US Senate Banking Committee. The Central Bank's Chairman defended QE until substantial labor market gains. The pair is moving higher, currently at 0.9328.
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Forex: EUR/USD hovering over 1.3070/80

The single currency left behind the levels above 1.3100 and dipped to the mid 1.30s after Chief B.Bernanke defended the ongoing QE programme, signalling that its benefits outweighed its costs by large...
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