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Italy's Bersani far from majority in Senate; hung parliament looms

The center-left coalition continues to lead in Senate with over 31.50% but still far from enjoying a majority. Berlusconi's PDL stands at 30.67%, Grillo at 23,80%, while Monti lags with 9.14%. In the lower house, Grillo now leading Bersani 25.53/25.51%.

Overall, what this means is that the Italian election results show either Grillo's party or the Center-left Bersani claiming victory in the lower house but not in the Senate, even with Monti's support. As a result, hung parliament with the possibilities of second election being called increase. Expect Italian bonds to be dumped by global investors.

Monti just crosses the wires, saying "the outcome of the election highlights the need for election law reform", adding the importance "to ensure transparent and stable government".

Forex: AUD/USD threatens 1.0225 double bottom; RBA's Debelle headlines unsupportive

In the state of semi-panic that we still at, risky assets become more susceptible to falls. The Australian Dollar, after finding a double bottom sub 1.0230 last week, is again pressured toward its yearly lows after RBA’s Assistant Governor Debelle brought back the ghosts of a possible cut, aying the RBA can cut rates to counterbalance a high $A.
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Session Recap: Risk Aversion takes the market; Yen higher, Euro lower

Market has experienced an up-and-down session with early rallies but later declines. Yen rose to 1-month highs against its major competitors and the Euro tumbled hard against the GBP, the mentioned Japanese Yen and the USD dollar. Stocks post big loses too.
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