Search ForexCrunch

Briefly, after the Italian President gave Prime Minister (PM) Conte a mandate to form a new government, Conte came out on the wires, accepting the new mandate with traditional reserve.

Additional Comments:

Will aim today to begin discussions with all parliamentary groups.

Will then draw up a program after the talks.

New government will have to ensure it begins immediate work on the 2020 budget.

The budget has to avoid a VAT hike.

Despite stabilizing political scenario in Italy, the EUR/USD pair sticks to lows near 1.1075 region amid signs of softening in the German labor market after the jump in the unemployment change and weaker price pressures in the German states.