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Greece's Samaras to Travel to Germany for Merkel Talks

Greece's Samaras to Travel to Germany for Merkel Talks

Benjamin Spier, Technical Strategist

Despite much of Europe taking off for Assumption Day, the market still saw some significant action in the European session following two key UK releases. The minutes from the last Bank of England meeting showed that the votes were unanimous to keep the interest rate and asset purchase target unchanged, and the BoE said that much of the losses from the second quarter could be made up in Q3. Furthermore, the UK economy surprisingly added jobs during the month of July, likely as a result of the Olympics.

The BoE minutes release was preceded by the bank’s Bean saying that the previous quantitative easing measures provided some traction, and BoE’s Fisher said quantitative easing is more powerful than interest rate cuts.

Sterling rallied following the two simultaneous releases, stopping just shy of 1.5700. GBPUSD has been trading in a 10-day upward trend, and resistance could be provided around the upward channel, currently at 1.5720.

In the Euro-zone, Greek Prime Minister Antonis Samaras will travel to Germany on August 24 to brief PM Angela Merkel on Greece’s progress. A government spokesman said Merkel will stand by previous international creditors’ demands.

Also, European Union Economic and Monetary Affairs Commissioner Olli Rehn confirmed reports that the Spanish government is currently considering a request for a sovereign bailout.

Coming up, traders should be aware of the United States consumer price index for the month of July, analysts expect a 0.2% rise in prices.

GBPUSD 15-minute: August 15, 2012

Greeces_Samaras_to_Travel_to_Germany_for_Merkel_Talks_body_gbpusd.png, Greece's Samaras to Travel to Germany for Merkel Talks

--- Written by Benjamin Spier, DailyFX Research

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.