Euro under Pressure before Ministers Meet - 12.11.2012
The euro has been trading close to a 2-month low against the greenback (1.2689) in Asian hours despite Greece’s parliament approved next year’s budget yesterday. The single currency remains under pressure today as European finance ministers are scheduled to discuss in Brussels a new tranche of financial aid to Greece. Yesterday German Finance Minister Wolfgang Schaeuble said in an interview that a new report from “troika” would be unlikely delivered in time for Monday's meeting. The decision therefore can be delayed. The euro versus the greenback may be targeting now an important support level 1.2600 (see chart below), the 50% Fibo extension of the upward move from 1.2040 to 1.3170.
EURUSD, daily chart
The US dollar seems a bit stronger today against the majors, but the Australian currency. The aussie rose today from 1.0385 to 1.0420 being supported by trade data from China, Australia’s major trading partner. China’s trade surplus increased to its biggest in 45 months in October and export growth accelerated to a five-month high, according to Reuters. The data from Australia also showed today home loans advanced in September by 0.9%.