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EURUSD Movement
For the 24 hours to 23:00 GMT on Friday, EUR declined 0.34% against the USD and closed at 1.3025, as risk appetite waned amid tepid US economic data and as concerns over the handling of Spain?s debt troubles continued to weigh amid ongoing talks in Brussels.
Meanwhile, the EU summit held on Thursday and Friday made substantial progress in speeding up economic integration within the Euro-zone when leaders agreed to set up a single banking supervisor for the 17-nation single currency bloc ? a key step towards a banking union. In a significant move, the summit agreed that the European Central Bank will have the power to intervene in any of the Euro-zone?s 6,000 banks.
European Council President, Herman Van Rompuy hailed the result of the summit as highly successful. He stated that ?this is a small revolution. It means that we?ll have only one supervisor for the whole Europe, who to a certain extent will replace all the national supervisors.?
However, the Spanish Prime Minister, Mariano Rajoy stated that his government felt it was under no pressure to seek a bailout and called it ?very good? that the European Central Bank?s unlimited bond-buying program is available if necessary.
At his first European Union summit since becoming premier in June, Greek Prime Minister, Antonis Samaras stated that record unemployment showed the price Greece was paying for austerity demanded by the Euro-area as a condition for emergency loans. He urged parallel steps to kick- start the economy and stuck to a request for two extra years until 2016 to meet targets for narrowing the budget deficit.
Meanwhile, the German Chancellor Angela Merkel raised new hurdles to using the Euro-zone?s rescue fund to inject capital directly into ailing banks from next year, thereby dashing Spain?s hopes of soon removing the cost from its strained national debt.
In economic news, Euro-zone?s seasonally adjusted current account surplus widened to ?8.8 billion in August, compared to a revised ?8.1 billion surplus in July, while producer prices in Germany rose 0.3% (MoM) in September, after growing 0.5% in August. Meanwhile, industrial orders in Italy declined at a significantly faster rate of 9.0% annually in August, compared to a 4.9% decline in July.
In the Asian session, at GMT0300, the pair is trading at 1.3037, with the EUR trading 0.10% higher from Friday?s close.
The pair is expected to find support at 1.3008, and a fall through could take it to the next support level of 1.2979. The pair is expected to find its first resistance at 1.3072, and a rise through could take it to the next resistance level of 1.3106.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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