Euro Remains Under Pressure Over Rising Political Uncertainties in Italy
Arslan Butt • 1 min read
Rising uncertainties surround trade tensions, Brexit, political tensions, and economic growth continue to exert downward pressure on the Euro into the fresh trading week. At the time of writing, EUR/USD is trading at around 1.12.
Last week, the Italian Deputy PM Matteo Salvini filed a no-confidence motion against his own coalition partner and called for snap elections in the country. Salvini is keen on going to polls as soon as October in order to become the new leader of the government.
The Euro, which has been trading under pressure over increasing concerns of economic slowdown amid trade tensions, fell even lower on this news last week. Italy is Eurozone’s third largest economy and political uncertainties in the country weigh heavily on the overall Eurozone economy and its currency as well.