Forex - EUR/USD steady as Greece, bond auctions eyed

Published 01/19/2012, 02:32 AM
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Investing.com - The euro was steady against the U.S. dollar on Thursday, as investors eyed government debt auctions by Spain and France later in the day, while talks aimed at restructuring Greece’s debts also remained in focus.

EUR/USD hit 1.2878 during late Asian trade, the pair’s highest since Friday; the pair subsequently consolidated at 1.2856, dipping 0.05%.

The pair was likely to find support at 1.2733, Wednesday’s low and short-term resistance 1.2878, the session high.

France was scheduled to auction long-term government debt in the first auction of its kind since Standard & Poor’s stripped the nation of its triple-A credit rating last week, while Spain was set to offer as much as EUR4.5 billion of bonds later in the day.

Elsewhere, talks between Greek Prime Minister Lucas Papademos and the country’s creditors resumed on Wednesday, after breaking down last week amid disagreements over how much money investors will lose by swapping their bonds.

Greece needs to secure an agreement on restructuring its debt in order to access new bailout funds and avert a default when an EUR14.4 billion bond redemption comes due on March 20.

The euro inched higher against the pound, with EUR/GBP easing up 0.02% to hit 0.8333.

Later Thursday, the U.S. was to publish official data on building reports and housing starts as well as a report on consumer price inflation. The country was also to release government data on unemployment claims and a separate report on manufacturing activity in the Philadelphia area.  


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