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By xemarketanalysis November 26, 2018 1:15 pm
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    XE Market Analysis: Euro steadies as Italy rumoured to yield to EU Demands


    • Euro holds firm against the US Dollar as a solution to Italy's budget deficit challenges are thrashed out
    • The Pound stays steady as PM May faces her first questions of the week
    • The Canadian dollar strengthens as Oil rebounds by as much as 2.7%


    The Euro gained today against the Pound as Italy was said to make concessions over their budget deficit. Although in a tight range, the pair has quickly fallen off of the highs it posted early this morning.


    The US Dollar is widely mixed today on a quiet day for data. We await the release of the minutes from the recent Federal Reserve Meeting on Wednesday. The next Fed meeting will take place on December 18th. 


    The Pound is trading in a tighter range than we have seen for some time. PM May is attempting to persuade the UK Parliament to vote for her Brexit Deal after the deal passed through the European Commission in under 40 minutes on Sunday.


    The Euro is stronger against a basket of currencies today as the Italian Budget negotiations took a forward step. Italy is making a few concessions from the 2.4% deficit the EU called for. It is expected that the EU and Italy will discuss the options further in the coming weeks and come to a solution nearer to the EU's desired 2% deficit figure.


    The Canadian Dollar has steadied somewhat in today's trading as Oil rebounded by over 2%. This event, in concert with stocks bouncing higher, has seen the Loonie hold firm against the US Dollar.   


    The Australian Dollar found some support as Asian markets steadied on hopes of progress on US-China trade tariff skirmishes relaxing. World leaders will gather in Buenos Aires for a G20 meeting later this week. Often used as a liquid proxy for world trade prospects, the Aussie eased higher away from last weeks low near the 0.7200 level against the US Dollar.


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