Italy’s Gualtieri: Economic fundamentals are solid

Dhwani Mehta FXStreet

Italy’s Economy Minister Roberto Gualtieri said on Wednesday, the economic fundamentals are solid.

This comes after Fitch Ratings downgraded Italy's long-term foreign-currency issuer default rating (IDR) to 'BBB-' from 'BBB' while maintaining the Outlook – Stable.

The rating agency said that “the downgrade reflects the significant impact of the global COVID-19 pandemic on Italy's economy and the sovereign's fiscal position. “

Last week, Gualtieri said he expects a strong rebound in Q3 GDP and significant growth next year.

EUR/USD unperturbed by the rating downgrade

The shared currency seems to have ignored the Italian rating downgrade, as EUR/USD challenges highs above 1.0850 amid a broadly weaker US dollar.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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