FXstreet.com (Barcelona) - Kit Juckes, Global head of Currency Strategy at Societe Generale notes that all we know about the Italian elections so far is that the turnout appears to be low for the first day of voting.

Further, he comments on a sense that Mr Berlusconi isn't polling very well, but in the absence of any opinion polls, this remains just speculation. Juckes writes, “We will get exit polls in mid-afternoon. The market reaction is short-covering, for both BTRPs and the Euro. A Monti/Bersani partnership is the most positive of the realistic outcomes and probably what the market is now positioned for. An inconclusive result (possibly due to a strong showing by the 5-star movement of Beppe Grillo) would be negative.”