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The Euro appears to be approaching a key test level as news that the Greek government is close to clinching a deal with its private bondholders helped to boost the common currency.
After the strongest 1-week rally for the Euro in more than three months, the EUR eased back from a 6-week peak against the USD.
The Japanese Yen edged higher after a buying spree from exporters, but the rough patch may not be over.
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The Euro had earlier continued to grind higher against the U.S. Dollar, but is now taking a breather in Asian trading while hovering close to a 2-week high.
The Euro continues to rally in Asia trading on the news that the IMF intends to bolster its funds in order to help the Eurozone’s leaders tackle the ongoing crisis there.
In a report published today, the World Bank dramatically reduced its global economic growth expectations for the coming years, a sign signaling to both investors and global leaders that the Bank expects another global economic crisis.
Short covering helped to push the Euro pushed higher during the Asian trading session as higher risk assets gained support following news that China’s economy slowed less than previously expected in the last quarter of 2011.
Following the downgrades of France and Austria on Friday, and the threat of several more before the week is out, the Euro is under fresh pressure, and touched on an 11-year low against the safe haven Japanese Yen.
In Asian trading, the Euro steadied following a strong response to the Spanish and Italian debt auctions held yesterday and analysts suggest further that the Euro may now be stabilizing against the Australian Dollar.
The common currency Euro clawed for gains in Asian trading today, coming off a newly struck 16-month low, but analysts say that gains will be capped as Spain’s sovereign debt auction looms.
In Asian trading, the Euro slipped further against the U.S. Dollar, indeed falling against most currencies, as investors trade cautiously in the day ahead of an ECB policy meeting and a Spanish bond auction.
The Euro managed to hold steady in Asian trade, but analysts say it remains vulnerable as the week progresses and two key debt auctions loom. As reported at 12:31 pm, the Euro was trading at $1.2767, rebounding from $1.2666, the recently struck 16-month low.