The lack of an immediate remedy from the EU Summit was the main reason out of many why the euro fell. This came despite some positive signs from PMIs and successful bond auctions in Spain. The IFO business climate could provide good news for Germany, but the Italian worries are due to continue, especially with the GDP report. The pair floated around 1.30 and was weighed down by the troubles in securing the IMF Loan. Then, a third successful Spanish auction pushed the pair above 1.3085. 1.3145 still caps the pair.
By
M.Zohaib Gadit
Forex Trading Consultant
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