Forex - EUR/USD hovering close to 81/2 month low
Investing.com
Published Oct 04, 2011 03:38AM ET
EUR/USD hit 1.3163 during late Asian trade, the pair’s lowest since January 13; the pair subsequently consolidated at 1.3181, easing up 0.04%.
The pair was likely to find support at 1.3088, the low of January 13 and resistance at 1.3380, Monday’s high.
On Monday, the Greek government submitted its 2012 budget which aims to bring its deficit back in line with targets one day after Athens said it would miss its deficit reduction targets for this year.
Also Monday, European finance ministers postponed a decision on the release of Greece’s next tranche of aid until a meeting on October 17. It was the second postponement of a vote originally intended to take place on Monday.
Athens says it needs to receive its next EUR8 billion tranche of aid by mid-October, in order to avert a default.
The euro was almost unchanged against the pound, with EUR/GBP inching up 0.02% to hit 0.8543.
Later in the day, European finance ministers were to meet in Brussels to discuss the implementation of a permanent euro zone bailout facility. In addition, European Central Bank President Jean-Claude Trichet was to speak.
Also Tuesday, the U.S. was to release official data on factory orders, while Federal Reserve Chairman Ben Bernanke is to speak in Washington.
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Written By: Investing.com
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