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Bond yields tumble, euro spikes on report Italy to propose 2 pct deficit plan

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LONDON, Dec 12 (Reuters) – Italian government bond yields tumbled and the euro jumped on Wednesday, following a report that Italy is to propose a budget deficit target of 2 percent — well below the previous target of 2.4 percent.

The closely-watched gap between Italian and German 10-year bond yields narrowed to 272 basis points, its tightest since early October.

Italy’s two-year bond yields was last down 18 basis points on the day at 0.49 percent.

The euro extended gains to rise 0.4 percent on the day at $1.1365 after the news.

 
Reuters

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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