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Reuters has recently reported that  Italy’s 5-Star is calling for Paolo Savona to withdraw his candidacy  for economy ministry in order to allow the government to be formed. Following this development, Italian bond yields extended their losses and the EUR/USD pair spiked up to a fresh 2-day high at 1.1675.

As of writing, the pair was trading at 1.1650, where it was up more than 100 pips, or 1%, on the day, while the Italian 10-year T-bond yield is down nearly 4.3%.