Tuesday, November 08, 2011 12:38:10 PM
Tue, Nov 08 2011, 16:27 GMT | FXstreet.com
FXstreet.com (Córdoba) - The votes are in and Berlusconi's party won but lost Parliamentary majority which leaves the Italian Prime Minister one step closer to resignation even though he will fight vehemently to hang onto his seat, comments Kathy Lien, analyst at GFT.
"The euro sold off sharply after the votes were tallied because as of this second, Berlusconi is still in office", said Lien. "The opposition party will still try to push for a no confidence vote on the government and the pressure for Berlusconi to resign will increase".
"The rise in Italian 10 year bond yields confirm that investors are not pleased with the outcome of today's vote and now demand higher yield for holding Italian bonds", says the analyst. "As long as Italian yields continue to rise, the EUR/USD will have a tough time holding onto its gains".
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