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Forex News: Euro Rises Ahead of Tomorrow's Deliberation on Greece

Forex News: Euro Rises Ahead of Tomorrow's Deliberation on Greece

2012-11-19 10:16:00
Benjamin Spier, Technical Strategist
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Deliberations about Greece’s next round of possible bailout tranche will continue tomorrow, when possibilities to ease pressure on Greece like lowering the debt ratio requirement or extending debt due dates will be discussed, but market moving releases and chatter will likely be light in today’s session.

The Euro received a small boost in today’s trading before the Bank of Spain announced that bad loans in September were at 10.7%, slightly higher than 10.5% in August. The BoS Supervision Chief Quintana said Spain will receive bank rescue funds in December. EURUSD climbed from 1.2755 to up and above 1.2775 before the release.

Also today, we heard comments from ECB members Weidmann and Coeure. Coeure said that confidence is returning to the Euro-area outlook, and that all bunks must be covered by a single supervisor. Meanwhile, Weidmann said that banks shouldn’t be protected from insolvency and there shouldn’t be a guarantee of existence.

The Euro is currently trading around 1.2770 against the US Dollar in currency markets. Resistance could be provided by a previous support line around 1.2824; support could be provided by a 2-month low at 1.2659.

In the North American session, US existing home sales for October will be released at 15:00 GMT, 4.75M expected.

EURUSD Daily: November 19, 2012

Euro_Rises_Ahead_of_Tomorrows_Deliberation_on_Greece_body_eurusd_daily_chart.png, Forex News: Euro Rises Ahead of Tomorrow's Deliberation on Greece

--- Written by Benjamin Spier, DailyFX Research

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

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