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The risks of a collapse of the Draghi government

The risks of a collapse of the Draghi government | 15 July 2022

15 July 2022, EUR/USD

The risks of a collapse of the Draghi government

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Italy's president rejected the resignation of Prime Minister Mario Draghi on Thursday after a day of political drama that threatened to bring down a national unity government that has been in office less than 18 months. Draghi, the former European Central Bank president, announced he was to resign on Thursday after the 5-Star Movement, a coalition party, failed to back him in a confidence vote over his plan to combat soaring prices. Mattarella asked Draghi, who is an unelected technocrat, to address parliament to get a clearer picture of the political situation. The risks of a collapse of the Draghi government rippled through financial markets where Italian bond yields rose sharply, indicating investors demanding a higher premium to hold its debt, and shares fell to their lowest levels since late 2020.

Investment idea: sell 1.0055 and take profit 0.9995.

David Johnson
Analyst of «FreshForex» company
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