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Headline driven markets to persist for now?
Last week quickly settled into a range after the early week “Papandreou drop”. This week the focus shifts to Italy and whether Berlusconi will survive the most significant challenge yet to his rule. Early last week, we saw a “Papandreou drop”, when the huge EURUSD and risk appetite runup in the wake of the EU summit was unwound and then some after the Greek prime minister brought up the idea of a popular referendum on the austerity/bailout package. Since Tuesday, however, despite a hugely busy economic calendar and the first ECB meeting featuring its new president Draghi, the markets have traded in a range, ... (full story)