Forex Flash: Race for the Italian Senate quite interesting – TD Securities (Barcelona) - For the Senate, initial polls suggest 36% for Centre-left (Bersani), 30% for Centre-right (Berlusconi), 9% for Civic Choice (Monti) and 20% for Five Star (Grillo). "This leaves the race more interesting in the Senate, and still provides some risks, where the regional results are more important and we still don’t have enough details to make a conclusion", wrote TD Securities analysts, adding that "the early instant polls suggest Monti’s coalition could add another 21 seats if needed for a coalition government, so a market-friendly outcome would still be possible". Monti's results came in very disappointing, much below 15% expectations, while Grillo's 20% came in even higher than the 15% forecast. "Most votes require only a simple majority and Constitutional votes do require a super-majority, but one that is overcome if PD and PdL were to agree on any needed changes", they concluded.

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