Spanish PM Mariano Rajoy's Difficult Friday
Spanish Prime Minister Mariano Rajoy faces a no-confidence vote today. The forex market once again slips into a short lull, coming off of anxiety over Italy's political crisis; but all signs suggest Rajoy nears the end of his reign, as the Basque Nationalist Party which holds the crucial five votes has said that it will support the motion tabled by the Socialist Party - which may propel Socialist leader Pedro Sanchez into office. It seems Rajoy had his chance to resign as PM, but an official from Rajoy's People's Party has insisted no such thing will happen. Difficulties for the EU (and by extension its common currency the Euro) looks to be extended and while the currency seems like it might be on the rebound, this episode might augur further weakness.