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PM Rajoy Pledges Spain Won't Request Aid This Weekend

PM Rajoy Pledges Spain Won't Request Aid This Weekend

Benjamin Spier, Technical Strategist

All eyes are back on Spain on a day with few significant economic releases or updates. Prime Minister Mariano Rajoy told members of his People’s Party that he won’t request aid this weekend. Reuters reported yesterday that Spain is ready to seek a bailout for its public finances, following previous comments from Spanish officials that they would analyze the ECB’s bond purchase program before asking for help.

Also in Spain, unemployment rose more than expected in September, up by 79,600 people looking for work. The rise in unemployment was more than expected and was accompanied by a Euro decline towards a daily low at 1.2880 versus the US Dollar.

The Euro decline was only temporary, and EURUSD quickly climbed back above 1.2900 slowly over the rest of the session, without a specific story seemingly driving the rally. The next resistance could come in by the key 1.3000 level.

Also in today’s session, Euro-zone producer prices for August were higher than expected, as energy costs soared. However, the story did not have a significant effect on Euro trading. In the UK, the PMI for construction in September was weaker than expected.

The North American session does not have any major market-moving releases. Traders should keep their eyes out for further news about Spanish aid or for a follow up to a New York Times report that US Senators are working on a plan to avoid the fiscal cliff.

EURUSD 1-hour: October 2, 2012

PM_Rajoy_Pledges_Spain_Wont_Request_Aid_This_Weekend_body_eurusd_daily_chart.png, PM Rajoy Pledges Spain Won't Request Aid This Weekend

--- Written by Benjamin Spier, DailyFX Research

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

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