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Forex Flash: Italy PD's Bersani focused on political reform – TD Securities

A quiet European morning in terms of economic calendar, with the only release being the second reading of Q4 GDP which came in exactly in line with the first print at -0.6% Q/Q, TD Securities analysts focused on comments made by Italy's Bersani, unveiling his post-election platform at the PD caucus.

“As expected, his focus is on political reform, which could be good for Italy in the long-term, and is something that all three large parties want to see, so would make it easier to form at least a short-lived government that has the specific goal of reforming the electoral system”, wrote analyst Marcin Budkiewicz, adding that Bersani says he's “ready to open discussions” with others including Berlusconi personally, not PdL broadly.

European markets higher ahead of tomorrow's central banks

The German DAX (+1.00%), the French CAC 40 (+0.25%), the Italian FTSE MIB (+0.09%) and the Spanish IBEX 35 (+0.36%) are edging higher ahead of tomorrow's central bank decisions by the BoE and ECB. In regard to the ECB, TD Securities analysts wrote the following: "We see a 30-40% chance of a refi rate cut, which is not priced into the market".
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