Euro in demand as Italy rides to the rescue of its banks

5 July 2016, 09:56
Sherif Hasan

EURUSD jumps to 1.1186 as Italy looks to prop up bits banks

The Italian banking sector worries have been calmed with news that Italy is looking to prop up its banks. Monte Paschi looks like it may get a €3bn injection with Italy seeking toi use Article 32 of the EU's bank resolution directive that would allow it to use state aid temporarily. This was something Renzi has been alluding to.

At the moment most of this news is being reported by the Italian press so there's no official confirmation yet.

EURUSD 15m chart
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