Investing.com - Financial Markets Worldwide

Euro Bobbin With A Heavy Sinker

Published 12/07/2010, 07:41 PM
Updated 07/09/2023, 06:32 AM

German Chancellor Angela Merkel stated today there should be no need to expand the amount of rescue funds necessary while IMF managing director Dominique Strauss-Kahn may recommend allocation of yet more funds to the debt rescue package. As we have focused on addressing Ireland’s debt package, the European Commission has been working on some positive steps to instill market confidence and give more transparency to the Bank of Spain. Steps that should assess the assets held as far as credit worthiness and collateral on the debt issues. For now, we look to the Irish Budget and how it is received. Should the Irish Parliament reject the budget, we could see even more of a slide in the Euro FX.

On the home front:  President Barack Obama approved the extension of the Bush Tax Cuts for another 2 years. Treasury yields spiked and the US Dollar followed.

Our CFRN Weekly Trade Zones of $1.3350 - 55 and $1.3265 - 70 were noted for today’s trading.

We have no US Economic Reports Tuesday!

ECB Council Member from the Dutch Central Bank will speak at the University of Frankfurt tomorrow.

Euro FX Daily (6EH10)                                                             

The trend is now lower for the near term as the fear of contagion dominates the Euro Zone!  $1.3270 appears to be a point of control or comfort zone for the market.  Our CFRN Weekly Trading Zones  $1.3350 – 55, $1.3265 – 70 and $1.3110 - 15 are for tomorrows trading.  We look for a potential lower day and will sell any potential bounces.

Take pride in how far you have come. Have faith in how far you can go. - Unknown

CFRN Staff Writers / D. Reeves - L. Burton - B. Schlichter

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