EU meeting adds pressure to the Euro

<p>The FX market is hoping for a little more inspiration today following the Veterans Day Holiday in the US yesterday and Diwali celebration across Asia. […]</p>

The FX market is hoping for a little more inspiration today following the Veterans Day Holiday in the US yesterday and Diwali celebration across Asia. The market’s focus remains firmly on Greece, with eurozone finance ministers meeting announcing that they will give Greece two extra years to meet their budgetary targets although the next tranche of financial aid has been postponed until November 20, with the latter announcement adding pressure to risk trade and the single currency.

Risk trade sentiment was dealt further blows following weaker industrial production from Japan and the NAB business confidence survey from Australia which printed at -5 versus -3 previously.

The fiscal cliff looks set to return to the headlines today as lawmakers return to Washington for the first time since last week’s election. Today’s focus will be on the UK CPI and PPI data at 9.30am, with the euro’s near term direction likely to be influenced by German ZEW at 10am.



Supports 1.2650-1.2605-1.2575| Resistance 1.2740-1.2790-1.2875


Supports 79.05-78.80-78.45 | Resistance 79.60-79.80-80.00


Supports 1.5850-1.5775-1.5700 | Resistance 1.5925-1.5960-1.6000


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