News that of a European Union bailout for Spain's banks is "positive as it's just another ring-fencing of the whole contagion fear aspect," says HiFX Senior Trader Stuart Ive. He underscores, however, that "it's all about timing" and the EU has likely decided to act given the proximity of the Greek election and its uncertain outcome. The EUR/USD gapped higher early in New Zealand and is at 1.2630 versus 1.2517 late Friday in New York. Ive says, however, given a holiday in Australia and the sharp early move it may just track sideways in Asia with initial resistance at 1.2680 and support at 1.2520. However, "as the news came out over the weekend we may see more of a reaction when Europe comes in."
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