Italy election … OMG! (not) … And so EUR/USD makes a new high for the day

EUR/USD is popping 1.2360, a fresh Monday high for it, on Italian election exit polls

  • The initial euro response was a little dip after a strong opening

Exit polls point to a hung parliament, as expected:  

  • Italy election exit polls coming through now — point to a hung parliament

A key takeaway (at this stage) is that 5 Star movement and their anti-euro (i.e. those parties linked by a common idea they don’t like the euro and may well leave it …. and ps. that is maybe the only thing in common, in Italy it seems nearly everyone ahs their their own political party, there are heaps of them!) fellow parties policy are getting around (if not above 50%) of the vote. Now while there is zero chance of these disparate groups banding together and actually leaving the euro, it is indicative of feeling on the ground toward the common currency. Which is a little concering for the EURo zone. 
TBH … if Italy left the euro would that be  bad thing for the euro? But, I digress. 
And, its not just concerning (feeling toward the euro) in Italy, but across Europe. 
Anyway, back to the results …. Berlusconi’s bloc in strongest position (as of now) to form government 

  • The current ruling party, Democratic, will go into opposition (if exit polls are indicative) 

ps. coming up from Italy very soon — expect this from around 2300 to 2330
GMT — the 1st lot of projections for the composition of the parliament

And, as I update, EUR/USD sitting just under 1.2360

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