Macro Update: Rajoy could be gone by tomorrow

As highlighted this morning – there is some "rain in Spain"……. 1^st Zidane resigns & now PM Rajoy looks to former PM by tomorrow night

 

See below –

 

Action

 

Short EURUSD from 1,1650 w. stop 1.1750

Target 1.1450

 

Just had a chat with journalist in Spain

 

·         This is bad – creates more uncertainty

·         If motion caries – non-confidence  vote it will be 1^st time in history Government falls on a vote

·         Socialist will form government, they have bizarrely decided to "keep" the Conservative budget if they outst Rajo

 

The vote is tomorrow – for now the market remains relatively muted – the event risk is the actual vote – but EURUSD sells off..

 

 

 

 

 

 

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