EU Morning Report – Spain denies aid speculationWednesday, October 3rd, 2012
The euro (EUR) is weakening against most of its major counterparts, as Spanish Prime Minister Rajoy rejected claims that the debt-ridden nation is about to formally request financial aid from the eurozone. Meanwhile, Greek Finance Minister Stournaras appeared doubtful on whether the current talks with the Troika will conclude to an agreement by the 18th of October when the next EU summit will commence. European Central Bank (ECB) Executive Board member Asmussen restated his view that initially only financial institutions considered systemically important should be placed under this banking supervision and then this supervisory framework could be broaden to ultimately involve all banks.
§ The Australian dollar (AUD) is still weakening across the board after the Reserve Bank of Australia (RBA) decided to cut its lending rate by 0.25%, naming international developments as the catalyst for this action. The euro (EUR) and the US dollar (USD) were among the biggest gainers following this move.
§ OIL hovers around 92.00 US dollars a barrel and investors worldwide are going to be closely monitoring the Crude Oil Inventories release due at 14:30 GMT.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.2875||LONG @ 1.2875||31% of deals buy EUR|
|.||USDJPY||78.00||LONG @ 78.00||78% of deals buy USD|
|.||GBPUSD||1.6165||SHORT @ 1.6165||33% of deals buy GBP|
|.||AUDUSD||1.0315||SHORT @ 1.0315||38% of deals buy AUD|
|.||GOLD||1770||LONG @ 1770||66% of deals buy GOLD|
|.||OIL||92.45||LONG @ 92.45||51% of deals buy OIL|
|.||EUR||07:30||German Flash Manufacturing PMI||50.0|
|.||EUR||08:00||Eurozone Flash Manufacturing PMI||48.1|
|.||EUR||09:00||Eurozone Industrial New Orders for August||0.1%|
The euro (EUR) continued its strong uptrend against the Australian dollar (AUD) following the unexpected decision by the Reserve Bank of Australia (RBA) to cut their lending rate by 0.25%. The pair recorded an all-time low at 1.1605 on the 2nd of August and in the past two months it has risen by more than 8%.
Written by Easy-Forex