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The Italian government decided to set a 2.4% budget deficit, defying European demands. The populist parties are striking an anti-European tone in defending their decision. Finance Minister Giovanni Tria remains in his job for now.

The Italian stock market is crashing and bond yields are soaring.  

The EUR/USD falling to the lowest levels in two weeks, well below 1.1600. Critical support is at the triple bottom of 1.1600.