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The previous day's statements by the Italian authorities led to a sharp decline in demand for risky assets, as the aggravation of the political crisis in the EU by the Italian authorities could have a serious impact on investor confidence.
Let me remind you that on Monday the Italian government announced that it would implement its spending plans, despite warnings from the European Union. Such a course of things will necessarily violate the fiscal framework of the bloc, which will entail the imposition of penalties by the European Union on the country.
As for the fundamental statistics, the beginning of the week is not much pleasing to investors. Yesterday afternoon, a report was released on the national activity by the Federal Reserve Bank of Chicago, which fell in September this year. According to the data, the national activity index in September was 0.17 points against 0.27 points in August. Let me remind you that the positive values of the index indicate an increase above the average.
Today, a report from the European Central Bank related to the volume of lending was released.
The European regulator said that eurozone banks eased lending standards for companies in the 3rd quarter of this year, and the current easing of standards turned out to be more significant than expected. Banks plan that in the 4th quarter of this year, the lending standards of companies as a whole will remain unchanged. It was also noted that the net demand for loans continued to grow in the 3rd quarter in all categories. Easing credit conditions will undoubtedly attract new consumers to the market, as well as stimulate the European economy by the end of this year.
As for the technical picture of the EUR/USD pair, the bears got close to a rather important support level in the area of 1.1440, the breakthrough of which will lead to the formation of a new stronger downward movement in risky assets with access to monthly lows of 1.1400 and 1.1350. As for the upward potential of the euro for today, it is likely that without positive news, growth will be limited by the resistance of 1.1490 and 1.1515.
The Canadian dollar continued to trade in the side channel against the US dollar, however, most likely, it appears that pressure on the national currency of Canada will remain.
Yesterday, a report was released on sales in wholesale trade in Canada, which declined in August of this year. This was due to the weakening demand for building materials. According to the National Bureau of Statistics of Canada, wholesale trade in August 2018 decreased by 0.1% compared with the previous month and amounted to 63.64 billion Canadian dollars.
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