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Italian president to speak with Bersani on possibilities of forming a coalition

FXstreet.com (Barcelona) - Italian Center-left Democratic Party chief Pier Luigi Bersani is due to hold a meeting with President Giorgio Napolitano later today in order to discuss the possibilities of forming a government and breaking the political deadlock the country has found itself in after the inconclusive general election in February.

It will be a very difficult task however, as Pier Luigi Bersani has already declared that he is unwilling to form a coalition with Silvio Berlusconi’s center-right People of Freedom party, while Beppe Grillo, leader of the populist Five-Star Movement, rejected cooperation with any of the main parties.

According to Jamie Coleman from FxBriefs.com there is no “certainty that a government will be formed, but it would be a clear short-term plus for the euro if both Cyprus and Italy are taken off the table as immediate risks.”

Forex: EUR/USD eases from 1.3000 after ECB rejection of bailout changes

The EUR/USD is becoming more volatile as the US session unfolds and time gets shorter for Cyprus to reach a deal with the Eurozone. After news that the Cypriot ruling party said they are confident that the country will achieve a bailout deal within EU framework over the next hours, MNI has reported that the ECB rejected the changes made by the Cypriot Parliament Committee. The EUR/USD is taking profits from the 1.3000 mark after the latest headlines.
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Forex: GBP/USD eases off highs to 1.5232/34 as Cyprus weighs

The GBP/USD rally has continued unabated Friday, soaring to fresh session highs in recent minutes at 1.5245. As the Cypriot finality lingers, the cross has eased slightly to trade at 1.5232/34 in these moments, up a steadfast +0.43% during American trading.
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