Monday, 12 November 2012

EUR/USD Likely To Find Support At 1.2700 - Dealer


The EUR/USD is likely to find near-term support at 1.2700 after Greece's Parliament on Sunday passed a 2013 austerity budget needed to unlock a further funding instalment, says a senior dealer at a Japanese bank. He adds the market is focusing on the eurozone finance ministers' meeting later in the day to eye the course of Greek debt negotiations with international creditors; "but since the market has already priced in negative factors over the euro, it may recover somewhat after the meeting." The pair is at 1.2728, from 1.2709 late New York on Friday. Meanwhile, he tips the EUR/JPY to move in a 100.80-101.30 band; it is last at 101.09 vs 100.99.

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