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Forex News: Euro Sets New 7-Month High on Spanish and Greek Debt Sales

Forex News: Euro Sets New 7-Month High on Spanish and Greek Debt Sales

Benjamin Spier, Technical Strategist

The Euro just set a new 7-month high in today’s trading against the US Dollar on the back of successful sales of Greek and Spanish bills.

The Euro began today’s European session by sliding in forex markets, stopping its decline just short of 1.3155 against the US Dollar. However, there didn’t seem to be any new fundamental drivers behind the decline, which is probably why the drop was quickly erased and EURUSD returned to trade around 1.3170.

Then, EURUSD climbed as high as 1.3189 following the successful debt sales in two of the countries at the forefront of the Euro debt crisis. Spain sold 3-month and 6-month bills for 3.52 billion Euros, better than the maximum target of 3.5 billion Euros. Greece sold 13-week treasury bills for 1.3 billion Euros at a 4.11% yield.

The next major resistance for the Euro could come in at the yearly high of 1.3486, while support could now be provided by the previous 7-month high around 1.3171.

In economic releases, UK inflation remained at the six month high of 2.7%, much higher than the Bank of England’s target 2.0% inflation rate. The KOF institute predicted 1% Swiss growth in 2012, 1.2% growth in 2013, and 2% growth in 2014. Also, the Bank of Spain said bad bank loans are at 11.23% in October versus 10.71% in September.

Also today, the EU said that Spain and Cyprus have the greatest short term fiscal risks. European Commission Vice President Rehn added that the fiscal stress on Spain has been reduced but it is still overall elevated.

In the North American Session, the US Current Account Balance for Q3 will be released at 13:30 GMT, -103.0 billion USD is expected.

EURUSD Daily: December 18, 2012

Euro_Sets_New_7-Month_High_on_Spanish_and_Greek_Debt_Sales_body_eurusd_daily_chart.png, Forex News: Euro Sets New 7-Month High on Spanish and Greek Debt Sales

--- 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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