The market started the week with some upside support and optimism on a report in Italy's La Stampa newspaper that said the IMF maybe providing Italy a loan that might be as much as 600 billion euros if the debt crisis continued to worsen and to help shore investor confidence.

With the start of the week and ahead of the finance ministers meeting the news uplifted the market slightly and eased the woes with the EUR/USD starting the week with a bullish opening gap with the opening at 1.3323 compared to last week's closing at 1.3222.

The news is starting to lose momentum after officials denied the report. The IMF said that they are not in discussion with the Italian authorities according to an emailed statement from a spokesman for the fund.

La Stampa reported that Italy would pay between 4 to 5 percent interest rate on the loan and that the IMF might be coordinating with the ECB to increase its firepower, nevertheless, La Stampa did not disclose the source where it obtained the information.