Last year, Italy posted a EUR 53.7 bln deficit Jan through July. This year the deficit has narrowed to EUR 43.1 bln for the same period. Lower interest costs make up part of the savings, the one bright side of the sovereign debt crisis for those who are able to borrow.
EUR/USD continues to consolidate strong gains, now at 1.3176. Afternoon pullback lows are 1.3162.
