Investiční bankovnictví (Komerční banka)
Markets  |  February 26, 2013 07:38:00

Italian election result clotting euro electoral stalemate is expected


The course of the common European currency yesterday developed on a swing. The key factor here kurzotvorným the Italian parliamentary elections. Immediately after the polling stations closed at 15:00 was published exit poll, which gave a great chance of winning center-formation PLBersaniho. A wave of optimism even drove the euro above $ 1.3300 / €. But these have long lagged, with the gradual addition of the votes showed that the Italian parliamentary elections heading for stalemate. Exchange market reaction was apparent. Euro fell to fresh six-week low. This morning, this is already under pressure given the level of 1.3050 USD / EUR.

While the center-kolalice PLBersaniho won after a close victory over Berlusconi's electoral formations premium and thus the absolute majority in the lower parliamentary chamber, but failed in the Senate, and even if there would be a coalition with the current "caretaker"Prime Minister Monti. It turns out that the Italian company is torn about whether to continue with further reforms. They are, however, for the recovery of Italian public finances and in particular to strengthen the competitiveness necessary. Many Italian politicians as a first response to the outcome of the election said, that even we can not wait more shortly in early elections Italy.

Outcome of the elections and for markets represents a further increase political uncertainty not only for Italy itself, but also for the euro area as a whole. Italy is simply the euro zone's third largest economy. For the course of the common European currency, it is not exactly the best constellation. As for today's economic indicators, attention will be directed to the other side of the Atlantic Ocean.There will be published a number of important indicators of the real estate market - from the development of house prices over volumes sold new home. The numbers of recent months are encouraging, if you show that the American real estate market rebound. Today's data series would be confirmed and thus contribute positively to the current position of the dollar.

Author: Jan Vejmělek

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