fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Italy Fears Wane, Focus Fiscal Cliff  Tue Dec 11, 2012 11:18 am | |
| Italy Fears Wane, Focus Fiscal Cliff The euro (EUR) rebounded against most of its major counterparts, after it fell following Italy’s Prime Minister Monti announcement, that he will resign as soon as the as the budget gets approved. Italy succeeded in passing various reforms under Monti and he was deemed a credible counterparty by his peers within Eurozone. The succession is going to bring uncertainty and fragile balances in the region’s political scene. Today, the US Federal Reserve will begin a two-day meeting where it is expected that they will announce the purchase of $45 billion longer-dated Treasuries per month, beginning in January, to replace the current Operation Twist program which expires at the end of this month. Under the Operation Twist program, the Fed sells shorter-dated US government debt and buys longer-dated Treasuries to extend the duration of its balance sheet. OIL dropped against the US dollar (USD) for a fifth straight session yesterday, ahead of this week’s Organization of the Petroleum Exporting Countries (OPEC) meeting on its output. The British pound (GBP) appeared strong versus the US dollar (USD) yesterday, rising from a low at 1.6012 to a high just below the 1.61 figure. GER 30 (DAX) is facing considerable selling pressu  | |
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