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According to Italian news agency ANSA, the League party has withdrawn the no-confidence motion against Prime Minister Conte.

While addressing the Italian Senate earlier today, Conte called the League’s decision to present the no-confidence motion ‘grave’ and announced his resignation.

Although the shared currency stayed relatively resilient to Conte’s announcement, major European equity indexes suffered heavy losses with the Italian FTSE 100 Index erasing 0.9% on the day.  

Meanwhile, the EUR/USD pair was up 0.25% on the day at 1.1105.