Italian Prime Minister Foils Berlusconi's Plan, Draghi Is Speaking, And The Euro Is Surging

Italian prime minister Enrico Letta has won a vote of confidence in the Italian parliament, foiling Silvio Berlusconi's plan to force a collapse of Letta's fragile coalition government.

At the same time, European Central Bank president Mario Draghi is delivering his monthly press conference following the ECB's monthly policy meeting.

Despite Draghi's efforts to come across as dovish, the euro is surging against the dollar.

Over the weekend, Berlusconi tried to undermine Letta by announcing the resignation of several ministers of Berlusconi's own PDL party from Letta's cabinet.

The chart below shows the move in the currency pair: