EU's Tajani: Five Star-Lega alliance is not good for Italy, EU

Haresh Menghani FXStreet

European Parliament President Antonio Tajani, speaking to Bloomberg TV this Wednesday, commented on the latest political developments in Italy and said that Five Star-Lega alliance is not good for Italy, EU.

Tajani's comments revived market concerns over the antiestablishment partnership in Italy and kept exerting downward pressure on the already weaker shared currency, weighed down by weaker EZ PMI prints.

The EUR/USD pair tumbled to fresh 6-month lows in the last minute, with bears now eyeing a break below the 1.1700 handle for an extension of the well-established bearish trajectory.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD looks vacillating near 1.3550

GBP/USD alternates gains with losses in the mid-1.3500s on Tuesday. Cable’s vacillating price action follows humble gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD hovers around 1.1600 post-US data

EUR/USD trades slightly on the defensive, gyrating around the 1.1600 level on turnaround Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite both the US ISM Manufacturing PMI and JOLTs Job Openings missed estimates.

Gold extends reversal below $4,400 on hawkish Fed repricing

XAU/USD extends its reversal below $4,400, posting a nearly 7% decline from last week's highs. Precious metals struggle this week as markets reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.