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Forex Flash:Italian PM Letta visits Berlin - Deutsche bank

FXstreet.com (Barcelona) - Jim Reid of Deutsche Bank notes that Enrico Letta will make his first official visit to Berlin today as Italy’s Prime Minister.

He comments that PM Letta will meet with Mrs Merkel today and a joint press conference is expected at 6pm Berlin time, adding, “This is then followed by a dinner meeting so we’ll see if we get any interesting headlines this evening.” PM Letta yesterday said that Italy will find strategies to boost growth without compromising the necessary process of restructuring public finances. Reid notes that the new government is seeking to delay a scheduled increase in VAT and suspend the collection of the controversial property tax. PM Letta is also proposed lowering payroll taxes to boost employment.

Forex: EUR/USD down to 1.3060 in European morning

The EUR/USD jumped through the 1.3100 line to 1.3120 high ahead of German retail sales, but failed to hold its gains, allowing a full retracement and following decline. Such decline during the European session is materializing in prices at 1.3060 (-0.30% on the day) and risking a return to Friday’s close at 1.3031.
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