Dialogue has begun between PD and 5-star

Jockeying for a coalition

Italy's anti-establishment 5-Star Movement has begun coalition talks with the center-left Democratic Party (PD) according to an Italian government mediator.

The mediator adds that:

• The only other way to end a political deadlock would be a return to the polls.
• Crucial to focus on policies

Italian politics have been without a ruling coalition since an vote on March 4.. At that election, the center-right alliance led by the anti-immigrant League won the most seats. 5-Star emerge as the biggest single party. The PD came a distant third.

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Meanwhile, the EURUSD trades at new session lows and looks toward the next targets at 1.2092 (swing high from January 4) and the 50% of the move up from the November low at 1.20538. The 200 day MA is at 1.20025. That MA and the round 1.2000 level will make for a key support IF the selling momentum can continue.