After yesterdays excitement surrounding the Swiss Franc an air of calm has descended as markets try to get back to normal. The Euro could now see itself thrust into the limelight again as the focus looks as though it could shift back onto the negativity surrounding the debt crisis.
Italy will vote today on Prime Minister Silvio Berlusconi’s revised austerity plan which is aimed at reducing the ever growing bond yields. The vote won’t take place until around 7pm tonight and includes such measures as a 1% increase in VAT, and a 3% increase on tax for those who earn over €300,000. The measures have already been approved by the cabinet after Italians took to the streets to protest against the plan.
Sterling is also under a little bit of pressure as weak data continues to leak its way out of the UK. House prices are said to have fallen by 1.2% in August after July’s 0.2% increase. Sterling is said to be fairly fragile at the moment and as we have reported on many occasions over the last month Sterling is still too reliant on weakness in other currencies to make gains.
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