Italy takes centre stage

The euro has continued to come under pressure in recent days as a result of the re-focusing of attention in the debt crisis from Greece to Italy. This week Italian 10 year debt yields increased to a record high of 7.48% as investors shy away from a country which looks ever more likely to be unable to repay its debts. To put this into perspective, yields on Irish and Portuguese debt had both climbed to 7% just before it became clear that the ignominy of a bailout was the only remaining option for these countries...

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Latest trading commentaries...

Asia suffers from Europe’s blues
10 November 2011, Michael Derks, FxPro
Unsurprisingly, the uncertainty created by Europe’s sovereign debt and banking crisis is infecting some of Asia’s main economies...

Italy’s borrowing costs are becoming unsustainable
10 November 2011, Richard Driver, CaxtonFX
Stock markets fell, and risk appetite waned during yesterday’s session as it was revealed that Italy’s borrowing costs were becoming unsustainable, with yields on their 10-year bonds peaking at 7.48 per cent – a euro era high...

SNB – what are you waiting for?
10 November 2011, Michael Derks, FxPro
Repeated verbal warnings from various SNB officials over the past week regarding their undying determination to prevent further Swissie strength have been mildly effective, but need to be followed up with action soon or else the market will start to call their bluff...

Italy under fire
10 November 2011, Mark Deans, Moneycorp
Le Figaro newspaper has discovered plans for the construction of a decoy version of Paris to fool enemy bombers. Situated around Maisons-Laffitte, 15 miles north of Notre Dame, construction began in 1918 and included replicas of notable structures such as the Arc de Triomphe and the factories of Saint-Denis...

Fear gripping investors as the eurozone debt crisis seems to be getting out of control
10 November 2011, Simon Denham, Capital Spreads
Fear is gripping investors at the moment as the eurozone debt crisis seems to be getting out of control. Politicians in the US are now trying to calm nerves by saying that their exposure to Italian debt is wholly containable and that their banks will be able to weather the storm in the event of any default...

Market signals imply the world is on the verge of another financial meltdown
10 November 2011, Mark Bolsom, Travelex
Market signals imply that the world is on the verge of another financial meltdown after yields on Italian government bonds finally broke through the critical 7% barrier.

Solid Australian jobs data fails to overcome Eurozone woes
10 November 2011, Andrew Timothy Robinson, Saxo Bank
With all the doom/gloom negativity surrounding the Euro-zone it was a pleasant surprise to receive some welcome mews on the Australian jobs data front – not that it had a great impact on currencies.