Eur/usd - 1.2804... The single currency was sold at Asian opening in response to a bearish comment fm Der Spiegel that the austerity measures were killing the economies of member nations of EU. A number of stops all the way down from 1.2820 n 1.2800 were triggered, however, option-linked protection was seen below 1.2780/70 presistently n buying interest there lifted price to 1.2810/20 level again, where a few Asian names n spec. accounts were selling there. Moreover, euro was under pressure again on news that European Central bank governor Patrick Honohan, who is currently in Beijing, was quoted as saying that the bailout for another Irish bank could be as much as Eur$3 billion. On the economic front, Germany will release producer price indexes for July of which are expected to be 0.1% for m/m and 3.3% for y/y respectively as compared with 0.6% m/m and 1.7% y/y of the previous month.
Join the Discussion