Flow information for the euro, with end of month sellers combined with Italian politics
The EU summit Thursday resulted in Italy wanting further moves on immigration:
Prime Minister Giuseppe Conte blocked all joint decisions until he gets concession on immigration
- other issues include defence cooperation, digital innovation, the EU's next long-term budget - Conte has refused to song off on any of them
I warned yesterday to watch for this …. Immigration issues will likely dominate
These tensions combined with end of month and indeed end of quarter EUR/USD selling (much of it real commercial flow). EU/USD had been on a bit of a positive note, trading up a little higher but the sellers were soon prompted into action. Large (selling) clips hit ahead of 1.1600, and there is more to do a pop.
