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Forex Flash: New Italian PM to hold first Berlin visit - Investec

FXstreet.com (Barcelona) - Investec Treasury Analysts note that Italy's newly elected Prime Minister, Enrico Letta, will make his first official visit to Berlin today to meet with Chancellor Merkel.

They believe that the market will watch for any interesting headlines given their opposing views on austerity as Prime Minister Letta said yesterday that Italy will find strategies to boost growth without having to restructure public finances. They write, “The new government is seeking to introduce new fiscal measures such as lowering payroll taxes to boost employment as well as delaying an increase in VAT and suspending the controversial property tax.”

Forex: EUR/USD bounces after EMU CPI

The EUR/USD felt pressured ahead of EMU CPI and unemployment rate, easing all the way to 1.3056 low. Once data was released, the pair bounced and is already near 1.3080. The preliminary publication of EMU CPI indicates a lower than expected figure in April, at 1.2% instead of 1.6%, and coming from 1.7%. The unemployment rate in the Eurozone rose from 12.0% to 12.1% in March, as expected.
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Forex Flash: US dollar weakness extends modestly heading into FOMC - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the US dollar has continued to weaken modestly in the Asian trading session, losing ground against the high yielding commodity linked currencies of the Australian and New Zealand dollars.
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