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Forex Flash: No new developments in Italy so far - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that so far today there have not been any new developments in Italy and 10 year yields remain below Tuesday´s peak, but still a lot higher than they were a week ago.

He adds that its a bit of a stand-off so the FX market´s cue comes from the US with income, spending, construction, consumer confidence and ISM data are due, the last having potential to show a further improvement as the economy’s tepid recovery continues. However, he writes, “But all of this could be rendered secondary to the sequestration if the market which has so far paid little attention to the prospect of spending cuts finally focuses on them.”

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