Italy heads to the polls on Sunday

The risks for financial markets won’t end over the weekend.

Italians head to the polls on Sunday and the final polls put Giorgia Meloni’s Brothers of Italy party at 25%, about double League and in position to possibly form a right-wing super-majority in parliament.

She’s toned down populist rhetoric after taking the polling lead but markets will be watching whether she performs better or worse than expectations for a signal on which way the political winds are blowing in Europe.

EUR/USD has just touched a fresh 20-year low at 0.9727, down 100 pips on the day.

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