EU Morning Report - Euro still on the offer
|Written by Easy-Forex|
|Tuesday, 29 May 2012 06:30 GMT|
The euro (EUR) recorded losses against most of its major counterparts as the ongoing eurozone debt crisis maintains selling pressure on the single currency. The focus remained on Greece, as the nation prepares for new elections in three weeks time, following the failure of the elected parties to form a coalition government. On the positive side, four major Greek banks have completed their recapitalization via the European Financial Stability Facility (EFSF) and are now able to borrow again from the European Central Bank (ECB). Versus the US dollar, the euro dropped to 1.2521 from 1.2565.
The US dollar (USD) appeared stronger versus a basket of currencies, as US banks were closed in observance of the Memorial Day. Versus the Swiss franc (CHF), the greenback rose to 0.9598 from 0.9562. The 0.9610 area appears to be a significant resistance level and a break through it could open the way for higher highs.
The Australian dollar (AUD) rose to 0.9888 against the US dollar but did not manage to hold on its gains and it closed at 0.9815. The pair had been in a strong downtrend over the past few days but managed to rebound off 0.9689, Thursday’s low.
Oil prices dropped to 90.72 from 90.96 dollars a barrel. Gold (XAU) rose to 1574.79 from 1573.97 US dollars an ounce. Against the euro, gold advanced to 1257.51 from 1254.31 euro an ounce. Silver (XAG) moved down to 28.3875 from 28.6130 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
3 at the time of writing