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Italy to incrrase VAT to 1% increase

Published on 10 February 2017 in News - Pages by Raffick Marday

Foreign Exchange Overnight / Morning Ranges:

Currency Rate EUR/USD 1.4005-1.4148
Currency Rate GBP/USD 1.5944-1.6038
Currency Rate GBP/EUR 1.1325-1.1388

Italy will vote today on if the VAT should be increased by 1% along with other suggestions brought forward by Prime Minister Silvio Berlusconi’s revised austerity plan which is aimed at reducing the ever-growing bond yields. The vote won’t take place until around 7 pm tonight and includes such measures as a 1% increase in a VAT, and a 3% increase in tax for those who earn over €300,000. The measures have already been approved by the cabinet after Italians took to the streets to protest against the plan.

Markets take a breather, and the Euro bounces having traded below $ 1.4000 yesterday. Asian/European stock markets recovered substantially after press reports that President Obama plans to propose job growth by injecting $ 300 billion into the economy next year, as a result, the USD has weakened versus the EURO from yesterday’s closing levels.

Italy 1% increase in VAT

The Swiss Franc remains weak after the Swiss National bank announcement yesterday. Sterling softer today against a basket of currencies. No surprises on UK Industrial and Manufacturing data today.

There is a growing risk that softer UK data would back views that an additional economic stimulus may be implemented. Levels to watch $ 1.6000 and € 1.1350. Should we hold below these levels over the next few sessions, technically further weakness is possible, also due this afternoon for the UK is the GDP estimate (for last 3 months) by the National Institute of Economic and Social Research, usually a highly reliable report?

EUR/USD currently 1.4045. Support 1.3900, resistance 1.4200.
GBP/USD currently 1.5960. Support 1.5700, resistance 1.6000.
GBP/EUR currently 1.1365. Support 1.1350, resistance 1.1600.

Currency Rate GBP/AUD 1.5080
Currency Rate GBP/CAD 1.5800
Currency Rate GBP/ZAR 11.38
Currency Rate GBP/NZD 1.9340
Currency Rate GBP/PLN 4.7850
Currency Rate GBP/CHF 1.3690
Currency Rate GBP/CZK 27.76

Oil $ 86.79 Gold $ 1842 Dow -0.90% FTSE +2.46% Nikkei +2.01%

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