Bank of Italy gov Visco with a scheduled speech 12 July

  • Italy's economic recovery has strengthened
  • favours EU project for state-backed bad bank
  • Italian banks' rescues removed risk factors of industry
  • recapitalization to be finalised by early August

Visco highlighting the two-tier Eurozone issue which has the ECB deliberating but cautious on tapering QE/rate hikes.

EURUSD still around 1.1454 with EURGBP 0.8916 and GBPUSD slipping back to 1.2845

ECB's Visco - Mon pol needs to remain expansive