A husband-and-wife team will bring a new Italian restaurant to a space previously occupied by Cibo 7 Ristorante Wine Bar & Spirits in Roseville. The eatery, called Trattoria Da Gino, is expected to open in late October or early November, according to owner Betsey Alessi. Her husband, Mario Alessi, is from Italy and is a partner in the business. The restaurant at 1465 Eureka Road, Suite 100, will serve "authentic Italian cuisine," Betsey Alessi said. She and her husband are from the Bay Area, but…
Reported by bizjournals 11 hours ago.
New Italian restaurant planned in Roseville
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Global Markets: Wall Street flat; Italy budget woes hit Europe, boost dollar
The U.S. dollar rose on Friday as the euro fell on deepening worries about an Italian budget with a higher-than-expected deficit target, which also slammed European stocks.
Reported by Reuters India 3 hours ago.
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Italian brand Serafino Zani IHC technology leads to a new revolution in smart kitchenware
SHANGHAI, Sept. 29, 2018 /PRNewswire/ -- On September 13, 2018, Serafino Zani held the IHC Patented Technology Promotion Conference at the Shanghai Exhibition Center. Besides being attended by Italy's fourth-generation successor Mr. Pietro Zani, the Director Mr. Liao Zhe, the President Ms. Fan Xian of Serafino Zani in the Greater China area, and the Chairman Ms. Wang Li Hong of Serafino Zani Private Kitchen (Beijing) Cultural Development Co., Ltd; the following special guests also participated to give their best wishes to Zani: the Senior General Manager Ms. Weng Ting of Messe Frankfurt (HK) Ltd., the Deputy Representative Ms. Micaela Soldin of the Shanghai Representative Office of the Italian Foreign Trade Commission, the famous food critic Mr. Cha Chuan Qi, the Vice President Ms. Wang Hui of Haitang New Media Group, the Chief Operating Officer Ms. Chen Zhu Yu of Cat's Kitchen, the founder of Domus Tiandi Mr. Sammy Ren, the legend of small household appliances Mr. Chang Yung Tao, and the representative of Gaggenau electrical appliances.From right to left, Wang Li Hong, Fan Xian, Cha Chuan Qi, Liao Zhe, Mr. Pietro Zani, Ms. Micaela Soldini, Weng Ting and Wang HuiIHC AI Gas Stove which was launched during the conference has completely overturned people's perception in traditional cooking. In addition to heat control technology, it has followed the most artistic Italian style in terms of art design. The full touchscreen control has no cleaning dead-ends and the curvature of each part also reveals the unique Italian romance and flavor.
"A black technology to achieve precise temperature control in the kitchen" is a true portrayal of Serafino Zani's IHC patented technology. With the first-of-its-kind heat control technology and excellent design, Serafino Zani's IHC AI gas stove has stood out from many internationally renowned exhibitors and won the 2018 Interiorlifestyle award in China (Shanghai).
Photo - https://photos.prnasia.com/prnh/20180928/2251679-1 Reported by PR Newswire Asia 2 hours ago.
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Chaput: Youth synod depends on faith, not sentimentality
Rome, Italy, Sep 29, 2018 / 12:00 am (CNA).- In an op-ed column published Saturday, Archbishop Charles Chaput of Philadelphia has restated his concerns about the upcoming synod of bishops on young adults, faith and vocational discernment, set to begin Oct. 3.
The column was published in the Italian newspaper Il Foglio.
According to Chaput, after the Pennsylvania statewide grand jury report, and abuse problems in Chile, Germany and elsewhere, “the Church is in turmoil.”
“In this turbulent environment, the Holy See will host a world synod of bishops, October 3-28, in Rome. Keyed to the theme of ‘young people, faith, and vocational discernment,’ a more ironic, and more difficult, confluence of bad facts at a bad time for the meeting can hardly be imagined.”
The archbishop explained that “this does not mean the synod need fail in its work. Francis’ personal appeal and the good will it can engender remain strong.”
“This is why many young priests, like those who wrote an open letter to delegates of the impending synod earlier this month, see an opportunity in the synod’s subject matter. As they make clear, the synod’s success depends on a profound confidence in the Word of God and the mission of the Church, despite the sins of her leaders.”
“It’s in the light of their faith, and the faith of other young men and women like them, that the synod’s instrumentum laboris or ‘working document,’ needs to be reviewed and revised. As it stands, the text is strong in the social sciences, but much less so in its call to belief, conversion, and mission,” Chaput wrote.
Citing a recently published theological reflection, Chaput lamented within the document “‘serious theological concerns…including: a false understanding of the conscience and its role in the moral life;’ a ‘false dichotomy proposed between truth and freedom,’ a ‘pervasive focus on socio-cultural elements, to the exclusion of deeper religious and moral issues,’ an ‘absence of the hope of the Gospel,’ and an ‘insufficient treatment of the abuse scandal.’”
"Comments like these sound harsh,” Chaput admits, “but they are not wholly unwarranted. A synod that deals with issues of sexuality and young people should also deal -- honestly and thoroughly -- with the roots of a clergy sexual abuse disaster involving minors."
“Neither the Pope nor the Church is served – particularly in a time of humiliation and crisis – by an overdose of sentiment, accommodation, and sociology. Faith demands more than that,” Chaput, who is a delegate to the synod, concluded.
Il Foglio- The Sheet- was founded in 1996 by Italian journalist and agnostic intellectual Giuliano Ferrara. Despite its limited circulation of 47,000, the newspaper is regarded as one of Italy’s most independent and influential voices in matters of politics, culture and religion. Reported by CNA 2 hours ago.
The column was published in the Italian newspaper Il Foglio.
According to Chaput, after the Pennsylvania statewide grand jury report, and abuse problems in Chile, Germany and elsewhere, “the Church is in turmoil.”
“In this turbulent environment, the Holy See will host a world synod of bishops, October 3-28, in Rome. Keyed to the theme of ‘young people, faith, and vocational discernment,’ a more ironic, and more difficult, confluence of bad facts at a bad time for the meeting can hardly be imagined.”
The archbishop explained that “this does not mean the synod need fail in its work. Francis’ personal appeal and the good will it can engender remain strong.”
“This is why many young priests, like those who wrote an open letter to delegates of the impending synod earlier this month, see an opportunity in the synod’s subject matter. As they make clear, the synod’s success depends on a profound confidence in the Word of God and the mission of the Church, despite the sins of her leaders.”
“It’s in the light of their faith, and the faith of other young men and women like them, that the synod’s instrumentum laboris or ‘working document,’ needs to be reviewed and revised. As it stands, the text is strong in the social sciences, but much less so in its call to belief, conversion, and mission,” Chaput wrote.
Citing a recently published theological reflection, Chaput lamented within the document “‘serious theological concerns…including: a false understanding of the conscience and its role in the moral life;’ a ‘false dichotomy proposed between truth and freedom,’ a ‘pervasive focus on socio-cultural elements, to the exclusion of deeper religious and moral issues,’ an ‘absence of the hope of the Gospel,’ and an ‘insufficient treatment of the abuse scandal.’”
"Comments like these sound harsh,” Chaput admits, “but they are not wholly unwarranted. A synod that deals with issues of sexuality and young people should also deal -- honestly and thoroughly -- with the roots of a clergy sexual abuse disaster involving minors."
“Neither the Pope nor the Church is served – particularly in a time of humiliation and crisis – by an overdose of sentiment, accommodation, and sociology. Faith demands more than that,” Chaput, who is a delegate to the synod, concluded.
Il Foglio- The Sheet- was founded in 1996 by Italian journalist and agnostic intellectual Giuliano Ferrara. Despite its limited circulation of 47,000, the newspaper is regarded as one of Italy’s most independent and influential voices in matters of politics, culture and religion. Reported by CNA 2 hours ago.
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Global Markets: U.S. dollar and stocks gain, Italy budget woes hit Europe
By Hilary Russ NEW YORK (Reuters) - The U.S. dollar and stocks gained on Friday, but Italy's government bonds, European stock markets and the euro were slammed by deepening worries about the Italian budget and its new higher-than-expected deficit target. Rome on Thursday targeted a budget deficit of 2.4 percent of gross domestic product (GDP) for the next three years, marking a victory for party chiefs over economy minister Giovanni Tria, an unaffiliated technocrat.
Reported by Firstpost 2 hours ago.
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Italy's populists challenge EU with plans to boost deficit
By Gavin Jones and Steve Scherer ROME (Reuters) - Italy's populist government brushed off protests from its own economy minister to back a significant rise in deficit spending next year, spooking financial markets and setting up a battle with Brussels. After tussling with Economy Minister Giovanni Tria for weeks, the four-month old government on Thursday proposed a 2019 deficit that is, at 2.4 percent of gross domestic product (GDP), three times the previous administration's target
Reported by Firstpost 2 hours ago.
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'Umar's got to fight' - Rangers coach Steven Gerrard warns underwhelming Roma loanee
The 21-year-old has struggled to make his way into the Gers' first-team since his arrival from Italy in the summer
Reported by Goal.com 21 hours ago.
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Tom Holland & Zendaya Are Surrounded By Pigeons on 'Spider-Man' Set in Italy
Tom Holland and Zendaya walk around the set of their upcoming movie Spider-Man: Far From Home on Saturday (September 29) in Venice, Italy. The co-stars were seen surrounded by pigeons for the scene and Zendaya even had a bunch of the birds sitting on her arms and shoulders at one point! Also spotted in the [...]
Reported by Just Jared 16 hours ago.
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Zendaya Is Covered with Pigeons While Filming 'Spider-Man: Far From Home'
Zendaya lets pigeons sit on her shoulders and arms while filming a scene for the upcoming Marvel movie Spider-Man: Far From Home on Saturday (September 29) in Venice, Italy. The 22-year-old actress, whose voice can be heard in the just released animated movie Smallfoot, was joined on set by her co-stars Tom Holland, Jacob Batalon, [...]
Reported by Just Jared Jr 16 hours ago.
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Lion statue standing guard at Venice's San Marco vandalized
ROME (AP) — One of the two stone lions that stand guard next to Venice's famed St. Mark's Basilica has been splashed with red paint. Residents raised the alarm Saturday after noticing the paint on the eyes and mane of the red marble "leoncino" statue, located on a small piazza next to the basilica. The two lions, made by Giovanni Bonazza in 1722, are a tourist attraction, beloved especially by children visiting the adjacent basilica. Italy's ANSA news agency quoted local police as saying video cameras captured vandals painting the statue at 3:58 a.m. and officers were searching for suspects. St. Mark's Basilica and the elegant, colonnaded piazza that spreads out beyond it are among Italy's leading tourist attractions.
Reported by SeattlePI.com 16 hours ago.
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Cristiano Ronaldo at Juventus: Goals, assists, results & fixtures in 2018-19
How is the five-time Ballon d'Or winner adapting to life in Italy after making a big-money move from Real Madrid? Goal has the stats
Reported by Goal.com 14 hours ago.
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Everything you need to know about Italy's budget crisis — which threatens to trigger a major market meltdown
**· *A fresh political crisis is brewing in Italy over plans for the coalition government's first budget.*
· *The coalition late on Thursday agreed to set Italy's budget deficit at 2.4% of GDP.*
· *This is far above the 1.6% level that technocratic finance minister Giovanni Tria had lobbied for and puts Italy on a collision course with the EU.*
· *Italy risks falling foul of EU fiscal responsibility rules.*
Markets across Europe tanked on Friday. The euro dropped, stocks plunged, and yields on government debt spiked. Italy was at the epicentre of all the trouble. After a few months of relative political calm, Italy is back centre stage in European politics.
The source of the drama this time is the country's upcoming budget — the first under the populist coalition government of the Northern League and the Five Star Movement. The issue surrounding the budget effectively boils down to a conflict between the leaders of the two parties, the eurozone, and Italy's technocratic finance minister Giovanni Tria.
What exactly is going on? The budget crisis can be traced back to March's general election. Both Five Star and the League ran on platforms based on anti-austerity policies, high levels of spending on infrastructure and social welfare, and tax cuts for lower-income Italians.
Both parties railed against Italy's established political parties and their perceived failure to deliver on promises over the years. Now, after success in the election. both Five Star and the League, must deliver on their manifesto pledges if they want to avoid claims massive hypocrisy.
Big infrastructure and welfare spending obviously requires lots of money. That, in turn, means government borrowing. Italy already has a national debt bigger than its GDP, at around 130% of GDP, and major spending would likely push that even higher. Luigi Di Maio, Five Star's leader, and Matteo Salvini, the League's leader, are both fine with increased debt, but the finance minister they appointed, Tria, is not.
Tria wants to pursue a more fiscally responsible strategy aimed at cutting Italy's sizeable debt pile. He has proposed a cap of 1.6% of GDP on Italy's budget deficit — the gap between government spending and revenues — something both Five Star and the League reject.
The parties formally rejected Tria's proposal late on Thursday, saying in a statement they had agreed to set Italy's budget deficit at 2.4% of GDP, a significant increase on the current level.
"The prominence of fiscal rigour wasn't shared by the two main stakeholders of the government alliance," Paolo Pizzoli, an economist with Dutch bank ING, said in a note released on Friday.
"Both Matteo Salvini and Luigi Di Maio converged on the idea that more fiscal leeway should be left to implement their electoral promises."
The conflict is so strong that Tria reportedly threatened to resign, before backing down.
So what's the big deal? Well, a 2.4% of GDP budget deficit risks putting Italy in breach of the EU rules surrounding fiscal responsibility. That could lead to punitive action from Brussels against Italy.
"In case of a big mismatch and continuous clash, we won't rule out the future re-opening of an excessive deficit procedure against Italy," Pizzoli said in his note.
He added: "Lacking projected fiscal and growth details, it's impossible to assess the extent to which the EU fiscal requirements will be missed under the planned deficit profile."
It should be noted that the crisis is unlikely to be as severe as might have been expected, after both Five Star and the League "accepted the introduction of the three strongholds of the government programme; the introduction of a flat tax, the loosening of the Fornero pension reform and the introduction of a form of minimum universal income and pension would necessarily follow a piecemeal approach."
It is clear, Pizzoli says, that Italy is not set for a "massive fiscal splurge."
*SEE ALSO: Italian markets are taking a hammering after its populist government agreed an EU-defying budget*
Join the conversation about this story »
NOW WATCH: One bite from this tick could ruin red meat for the rest of your life Reported by Business Insider 1 hour ago.
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Bologna's Orsolini shows off his highly touted potential
Bologna's 21-year-old winger Riccardo Orsolini showed glimpses of why he is considered one of Italy's next great strikers in a 2-1 combeback win over Udinese on Sunday
Reported by USATODAY.com 19 hours ago.
Reported by USATODAY.com 19 hours ago.
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Finance minister insists Italy will reduce public debt
Giovanni Tria expects higher growth to offset increased spending
Reported by FT.com 14 hours ago.
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Global market wrap: Italian budget jitters played out - ANZ
Italian budget jitters were dominating the European session.
*Key Quotes:*
"Italian yields surged 20-35 bps with Italian shares down nearly 4%."
"Other European bourses fell 0.5-1.5%."
"The Italian budget negotiations arrived at a deficit of 2.4% of GDP, considerably larger than the level the previous Government targeted. Markets didn’t like it, selling Italian bonds and equities and the euro to boot. That's understandable, given the undeniable pressure on the sustainability of Italy’s fiscal position. But there is as-yet no detail on what the money will be spent on."
"On the face of it, the details don’t perhaps matter too much. Government debt is an estimated 133% of GDP."
"Interest expenditure is 3.6% of GDP (and will rise further if Italian bond yields sustain the sharp move higher, with the 10-year yield up more than a quarter of one percent on Friday), the primary surplus is set to shrink, and the preventative arm of the stability programme agreed with the EU in 2017 looks at risk."
"On the other hand, the example of Greece demonstrated that strict austerity is not an effective means of repairing the balance sheet, as it can shrink the economy so dramatically as to undermine the tax base."
"Italy must get growth going, or the medium-term objectives of fiscal stability are undermined anyway."
"A one-off cot-case? Not in the big picture. US Government debt to GDP ratio is also in triple figures, and France’s is getting awfully close."
"US Treasury yields and equities were little changed, with Kavanaugh testimony dividing the nation."
"In equities, financial declines were offset by utility gains."
"Oil rose with sell-side analysts predicting USD100/bbl prices (WTI +1.6% to USD73.25/bbl)."
"Gold rebounded 0.7%, closing at USD1190.88/oz." Reported by FXstreet.com 11 hours ago.
*Key Quotes:*
"Italian yields surged 20-35 bps with Italian shares down nearly 4%."
"Other European bourses fell 0.5-1.5%."
"The Italian budget negotiations arrived at a deficit of 2.4% of GDP, considerably larger than the level the previous Government targeted. Markets didn’t like it, selling Italian bonds and equities and the euro to boot. That's understandable, given the undeniable pressure on the sustainability of Italy’s fiscal position. But there is as-yet no detail on what the money will be spent on."
"On the face of it, the details don’t perhaps matter too much. Government debt is an estimated 133% of GDP."
"Interest expenditure is 3.6% of GDP (and will rise further if Italian bond yields sustain the sharp move higher, with the 10-year yield up more than a quarter of one percent on Friday), the primary surplus is set to shrink, and the preventative arm of the stability programme agreed with the EU in 2017 looks at risk."
"On the other hand, the example of Greece demonstrated that strict austerity is not an effective means of repairing the balance sheet, as it can shrink the economy so dramatically as to undermine the tax base."
"Italy must get growth going, or the medium-term objectives of fiscal stability are undermined anyway."
"A one-off cot-case? Not in the big picture. US Government debt to GDP ratio is also in triple figures, and France’s is getting awfully close."
"US Treasury yields and equities were little changed, with Kavanaugh testimony dividing the nation."
"In equities, financial declines were offset by utility gains."
"Oil rose with sell-side analysts predicting USD100/bbl prices (WTI +1.6% to USD73.25/bbl)."
"Gold rebounded 0.7%, closing at USD1190.88/oz." Reported by FXstreet.com 11 hours ago.
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The last 48 hours have seen the market shift to idiosyncratic risk mode - TDS
Analysts at TD Securities offered a market wrap and explained that North American markets saw a quiet close to the week in contrast to the risk-off session in Europe, where the Italian budget proposal dominated risk sentiment.
*Key Quotes:*
"US equities were little changed while Canadian stocks closed 0.9% lower."
"Looking to rates, the Treasury curve flattened on modest buying in the front-end and selling of 30s, while Canadian rates saw the opposite dynamic unfold, widening 2Y CAD-USD spreads by 2bps."
"The USD traded on a mixed footing against G10 FX, with CAD (+0.9%) leading the advance on a combination of front-end rate spreads and oil prices (WTI: 1.9%)."
"Italian politics weighed on EUR (-0.2%) while antipodeans saw modest gains (AUD: +0.3%, NZD: +0.2%)."
*What we're watching in markets*
"The last 48 hours have seen the market shift to idiosyncratic risk mode. The pain has been most acute in Europe where the one-two punch of Italy and Brexit headlines have smacked the European currencies over the past few sessions. Notably, the EUR is following the beta of the BTP premium and a selloff to 300bp could drive the single currency back to 1.15."
"We enter the final week of Brazil's election with the race for the second round firming up. We see a differentiated near-term reaction function for markets, but a difficult time forward for Brazilian assets with either favoured candidate."
"Treasuries will look to payrolls, ISM and Fed remarks for direction, with particular focus on speeches from Powell next week." Reported by FXstreet.com 11 hours ago.
*Key Quotes:*
"US equities were little changed while Canadian stocks closed 0.9% lower."
"Looking to rates, the Treasury curve flattened on modest buying in the front-end and selling of 30s, while Canadian rates saw the opposite dynamic unfold, widening 2Y CAD-USD spreads by 2bps."
"The USD traded on a mixed footing against G10 FX, with CAD (+0.9%) leading the advance on a combination of front-end rate spreads and oil prices (WTI: 1.9%)."
"Italian politics weighed on EUR (-0.2%) while antipodeans saw modest gains (AUD: +0.3%, NZD: +0.2%)."
*What we're watching in markets*
"The last 48 hours have seen the market shift to idiosyncratic risk mode. The pain has been most acute in Europe where the one-two punch of Italy and Brexit headlines have smacked the European currencies over the past few sessions. Notably, the EUR is following the beta of the BTP premium and a selloff to 300bp could drive the single currency back to 1.15."
"We enter the final week of Brazil's election with the race for the second round firming up. We see a differentiated near-term reaction function for markets, but a difficult time forward for Brazilian assets with either favoured candidate."
"Treasuries will look to payrolls, ISM and Fed remarks for direction, with particular focus on speeches from Powell next week." Reported by FXstreet.com 11 hours ago.
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USD/JPY: bulls and bears to now determine where fair value is (spoiler alert, between 113/114.75)
*USD/JPY had been beaten up on the 113 handle and came in just a few pips shy of the 114 handle at 113.96 on Friday with daily RSI headed into overbought territory leaving traders in anticipation of a retracement having squeezed out stale shorts on a stop run between 113.50/80. *
· *The question now should be, 'Where is fair value?" *
We need to understand the drivers here and quite simply, the US dollar is taking back its leadership role across the board after being 'unfairly' treated by investors of late when considering its carry advantage with respect to the divergence between the Fed and, well, the BoJ. The trade war saga continues and indeed there is a massive liquidity offshore shortfall in dollars, so when coupled with rising interest rates, an unwinding of EM-FX will only go in favour of long dollars.
*US economy is also running at full steam*
The US economy is also running at full steam without signs of deterioration on that front and indeed this week's nonfarm payrolls is bound to support further rate hikes ahead as stipulated in the Fed's increase of dots for December and 2019.
"We expect a solid 180k gain in September nonfarm payroll employment (NFP), a slight deceleration from the 201k gain in August but a healthy reading nonetheless,"
analysts at Nomura argued.
All in all, geopolitical risks are mounting, (Italy, China/US trade war (inflationary)/ European banking crisis simmers away on the back burner, Brexit, EM-FX/ subsequent correction in global equities (triggers yen repatriation flows off-setting lower US bond yields), and that should continue to be dollar favourable. The market has taken the greenback to well deserved 13-month highs via the yen, punishing CHF, euro and the Aussie/Kiwi. A subsequent correction of the 13-month high may come into play once 114.00 and the 161.8% fibo has been triggered, making for a fresh range between there and the 50% fib at 113.00. A break of 114 and extension, (either before or without a retracement), opens a longer-term target to the 2017 high at 114.74.
*USD/JPY levels*
*Valeria Bednarik*, chief analyst at FXStreet explained that the pair nears the 113.90 regions, a strong static resistance area as it set monthly highs just below the level in November and December 2017, becoming then a strong psychological barrier:
"Technical readings in the daily chart favor a continued advance from the current level, as the price is further above firmly bullish moving averages, the Momentum indicator heads north almost vertically, while the RSI settled at 71, maintaining a bullish slope. Shorter term, and according to the 4 hours chart, the risk also leans to the upside, as technical indicators consolidate well into positive territory, as the pair remains at its recent highs and above bullish moving averages."
*Omkar Godbole*, an analyst at FXStreet notes that the relative strength index (RSI) has moved 70.00, in overbought territory, for the first time since mid-July:
"Further, slow stochastic is flat lined above 80.00, signalling the rally is overdone for now. The big gap between the MACD line and signal line is also echoing similar signals. Hence, the pair could have a tough time holding above 114.00 in the short-term and may revisit the ascending 10-day EMA support, currently located at 112.96."
Reported by FXstreet.com 6 hours ago.
· *The question now should be, 'Where is fair value?" *
We need to understand the drivers here and quite simply, the US dollar is taking back its leadership role across the board after being 'unfairly' treated by investors of late when considering its carry advantage with respect to the divergence between the Fed and, well, the BoJ. The trade war saga continues and indeed there is a massive liquidity offshore shortfall in dollars, so when coupled with rising interest rates, an unwinding of EM-FX will only go in favour of long dollars.
*US economy is also running at full steam*
The US economy is also running at full steam without signs of deterioration on that front and indeed this week's nonfarm payrolls is bound to support further rate hikes ahead as stipulated in the Fed's increase of dots for December and 2019.
"We expect a solid 180k gain in September nonfarm payroll employment (NFP), a slight deceleration from the 201k gain in August but a healthy reading nonetheless,"
analysts at Nomura argued.
All in all, geopolitical risks are mounting, (Italy, China/US trade war (inflationary)/ European banking crisis simmers away on the back burner, Brexit, EM-FX/ subsequent correction in global equities (triggers yen repatriation flows off-setting lower US bond yields), and that should continue to be dollar favourable. The market has taken the greenback to well deserved 13-month highs via the yen, punishing CHF, euro and the Aussie/Kiwi. A subsequent correction of the 13-month high may come into play once 114.00 and the 161.8% fibo has been triggered, making for a fresh range between there and the 50% fib at 113.00. A break of 114 and extension, (either before or without a retracement), opens a longer-term target to the 2017 high at 114.74.
*USD/JPY levels*
*Valeria Bednarik*, chief analyst at FXStreet explained that the pair nears the 113.90 regions, a strong static resistance area as it set monthly highs just below the level in November and December 2017, becoming then a strong psychological barrier:
"Technical readings in the daily chart favor a continued advance from the current level, as the price is further above firmly bullish moving averages, the Momentum indicator heads north almost vertically, while the RSI settled at 71, maintaining a bullish slope. Shorter term, and according to the 4 hours chart, the risk also leans to the upside, as technical indicators consolidate well into positive territory, as the pair remains at its recent highs and above bullish moving averages."
*Omkar Godbole*, an analyst at FXStreet notes that the relative strength index (RSI) has moved 70.00, in overbought territory, for the first time since mid-July:
"Further, slow stochastic is flat lined above 80.00, signalling the rally is overdone for now. The big gap between the MACD line and signal line is also echoing similar signals. Hence, the pair could have a tough time holding above 114.00 in the short-term and may revisit the ascending 10-day EMA support, currently located at 112.96."
Reported by FXstreet.com 6 hours ago.
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EUR/USD: On the defensive after bearish outside week reversal, focus on Italy news
· *EUR/USD charted a bearish outside reversal last week, signaling an end of the rally from August lows.*
· *Italy-Germany yield differential may continue to rise on fears that Italy may be downgraded at a time when the ECB is about to begin the QE taper.*
The EUR/USD fell sharply on Friday as Italy's decision to adopt a 2.4 percent deficit target for 2019 triggered a sell-off in the Italian bonds.
Notably, the spread between the 10-year Italian government bond yield and its German counterpart jumped almost 30 basis points to 267 basis points and the currency pair ended up charting a bearish outside reversal on the weekly chart. The candlestick pattern indicates the rally from the Aug. 15 low of 1.1301 has likely ended at the last week's high of 1.1815.
So, it seems safe to say that the pair is on the defensive and may suffer a deeper drop today if the Italian bonds extend Friday's decline.
Moreover, the Italy-Germany yield spread could continue rising in the EUR-negative manner this week as speculation is gathering pace that ratings agency Moody's might downgrade Italy this month. Further, the French banks reportedly have a staggering $319 billion exposure in Italy and Germany has the second highest exposure.
The fears of ratings downgrade and the vulnerability of the German and French banks to sell-off in Italian debt could complicate the ECB's QE taper plans.
It is worth noting that German retail sales data, scheduled for release at 6:00 GMT, could be overshadowed by Italy's fiscal concerns.
*EUR/USD Technical Levels*
At press time, the EUR/USD pair is trading at 1.1595, having clocked a high of 1.1618 in Asia.
Resistance: 1.1609 (50-day moving average), 1.1650 (Sept. 19 low), 1.1668 (5-day moving average)
Support: 1.1570 (Friday's low), 1.1526 (Sept. 10 low), 1.15 (psychological level) Reported by FXstreet.com 4 hours ago.
· *Italy-Germany yield differential may continue to rise on fears that Italy may be downgraded at a time when the ECB is about to begin the QE taper.*
The EUR/USD fell sharply on Friday as Italy's decision to adopt a 2.4 percent deficit target for 2019 triggered a sell-off in the Italian bonds.
Notably, the spread between the 10-year Italian government bond yield and its German counterpart jumped almost 30 basis points to 267 basis points and the currency pair ended up charting a bearish outside reversal on the weekly chart. The candlestick pattern indicates the rally from the Aug. 15 low of 1.1301 has likely ended at the last week's high of 1.1815.
So, it seems safe to say that the pair is on the defensive and may suffer a deeper drop today if the Italian bonds extend Friday's decline.
Moreover, the Italy-Germany yield spread could continue rising in the EUR-negative manner this week as speculation is gathering pace that ratings agency Moody's might downgrade Italy this month. Further, the French banks reportedly have a staggering $319 billion exposure in Italy and Germany has the second highest exposure.
The fears of ratings downgrade and the vulnerability of the German and French banks to sell-off in Italian debt could complicate the ECB's QE taper plans.
It is worth noting that German retail sales data, scheduled for release at 6:00 GMT, could be overshadowed by Italy's fiscal concerns.
*EUR/USD Technical Levels*
At press time, the EUR/USD pair is trading at 1.1595, having clocked a high of 1.1618 in Asia.
Resistance: 1.1609 (50-day moving average), 1.1650 (Sept. 19 low), 1.1668 (5-day moving average)
Support: 1.1570 (Friday's low), 1.1526 (Sept. 10 low), 1.15 (psychological level) Reported by FXstreet.com 4 hours ago.
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Don't Spill, Drink Responsibly: Italy's Winery Faces Major Prosecco Spillage
Reported by RIA Nov. 3 hours ago.
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USD/JPY hovers near 114.00, focus on European equities
· *USD/JPY clocked a 13-month high of 113.96 in Asia.*
· *The oversold JPY could catch a bid wave if Italian fiscal concerns weigh on the European equities.*
The USD/JPY is solidly bid around 113.90 in early Europe, having clocked a 13-month high of 113.96 in Asia.
The growing divergence between the Fed and the BOJ indicates the path of least resistance is to the higher side. Add to that, the pennant breakout on the monthly chart, and the prospects of a stronger rally toward 115.00 appear high.
However, the 14-day relative strength index (RSI) is indicating the low-yielding JPY is oversold for the first time since mid-July. As a result, it could pick up a strong bid in the next few hours, if the Italy-Germany yield spread rises sharply, pushing the European stocks lower.
On the other hand, the JPY selling may continue, yielding a convincing break above 114.00 in USD/JPY if the European equities report gains. In the US session, the pair may also take cues from the US ISM non-manufacturing release.
*USD/JPY Technical Levels*
Resistance: 114.37 (May 2017 high), 114.49 (July 2017 high), 114.74 (November high)
Support: 113.61 (daily low), 113.17 (200-week moving average), 113.00 (psychological level)
Reported by FXstreet.com 3 hours ago.
· *The oversold JPY could catch a bid wave if Italian fiscal concerns weigh on the European equities.*
The USD/JPY is solidly bid around 113.90 in early Europe, having clocked a 13-month high of 113.96 in Asia.
The growing divergence between the Fed and the BOJ indicates the path of least resistance is to the higher side. Add to that, the pennant breakout on the monthly chart, and the prospects of a stronger rally toward 115.00 appear high.
However, the 14-day relative strength index (RSI) is indicating the low-yielding JPY is oversold for the first time since mid-July. As a result, it could pick up a strong bid in the next few hours, if the Italy-Germany yield spread rises sharply, pushing the European stocks lower.
On the other hand, the JPY selling may continue, yielding a convincing break above 114.00 in USD/JPY if the European equities report gains. In the US session, the pair may also take cues from the US ISM non-manufacturing release.
*USD/JPY Technical Levels*
Resistance: 114.37 (May 2017 high), 114.49 (July 2017 high), 114.74 (November high)
Support: 113.61 (daily low), 113.17 (200-week moving average), 113.00 (psychological level)
Reported by FXstreet.com 3 hours ago.
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