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Enrico Letta sworn in as new Italian PM

FXstreet.com (Barcelona) - After two months of an irreconcilable political deadlock, Enrico Letta, 46, and member of the centre-left Democratic Party (PD), was sworn in as new Italian Prime Minister on Sunday.

Letta, who has managed to pull together a 21-member Cabinet, while becoming the third youngest Prime Minister since World War II, nominated an unprecedented seven women to his Cabinet. Fabrizio Saccomanni was appointed finance minister, taking on the responsibility to overlook and bring forward much needed economic reforms to the economy.

Mr. Letta will face serious challenges ahead, starting by steering a government which has a somehow reluctant bipartisan support from the two largest opposing political parties in Parliament.

The day was overshadowed by a sole incident taking place over a kilometer away from the swearing-in ceremony, when an Italian unemployed man, later identified as 49-year-old Luigi Preiti, was involved in a shooting inflicting severe injuries to two policemen. Prosecutors said the man claimed to have acted alone, initially targeting politicians but failing to spot them within range.

As reported by Reuters, citing lower house speaker Laura Boldrini: "Our politicians have to start providing solutions to the social crisis and to peoples' needs because the crisis transforms victims into killers like the man who shot today. There's a social emergency that needs answers and our politicians have to start giving them."

Forex: EUR/USD on wait and see mode ahead the big bank's week

The Euro traded mostly sideways on Friday against the Dollar. The pair was unable to break above the 1.3035 resistance and it closed the day at 1.3030. The EUR/USD seems to be trading in wait and see mode just ahead of the big banks week ahead when the Fed and the ECB will hold their monetary policy meetings.
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Forex Flash: USD/JPY carving out a potential double top - BBH

As the stimulative monetary and fiscal policy associated to Abenomics gets fully priced in, in view of Marc Chandler, Global Head of Currency Strategy at BBH, "the failure of the dollar to rise above JPY100 has prompted a bout of long liquidation, with the greenback appearing to be carving out a potential double top."
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