The vote count for the Italian election is moving slowly, euro still trading sideways
EUR/USD is unchanged from last week as the euro looks to be held captive by the Italian elections for the moment.
The pair rose to a high of 1.2365 at the start of trading today, on the back of optimism from the German SPD members voting in favour of a coalition deal with chancellor Angela Merkel. But thereafter, it's been a quick rise down as political uncertainty in Italy weighs on the euro.
The anti-establishment parties appear to be rather popular in preliminary results, and that should keep the euro sidelined for the time being until we get a much clearer picture as more votes come by.
The vote count is moving rather slow, so it's going to be a dragged out day in Italy - more so when the parties are going to form alliances with one another in order to form a ruling government.
