Investing.com - The euro soared higher against the U.S. dollar Tuesday, rising to a session high, on Spanish bailout speculation and a surprise Australian rate slash.
EUR/USD hit 1.2945 during U.S. afternoon trade adding 0.45% on the session.
The pair was likely to find support at 1.2802, Monday’s low and an almost three-week low and near-term resistance at 1.2968, today’s high.
Sentiment on the euro remained fragile after Reuters reported Monday that Spain may be preparing to request a bailout as early as next weekend, but Germany is urging Madrid to wait.
Earlier Tuesday, Spanish media outlets reported that Spain’s Prime Minister Mariano Rajoy told members of his political party that he will not request external financial assistance this weekend.
Meanwhile, investors were expecting ratings agency Moody’s to announce the results of a ratings review on Spain.
Overall market sentiment remained supported after data on Monday showed that U.S. manufacturing activity expanded in September for the first time in four months, easing concerns over a slowdown in global growth.
The euro gained ground against the pound and the yen, with EUR/GBP rising 0.19% to 0.8005 and EUR/JPY climbing 0.43% to 100.93.
The pound remained under pressure after a report showed that the U.K.’s construction purchasing managers' index ticked up to 49.5 in September from a reading of 49.0 in August, but came in just below expectations for a reading of 49.8.
The data came after a report by mortgage lender Nationwide said house prices in the U.K. unexpectedly fell by 0.4% in September and are now 1.4% lower than in the same month last year.
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Forex - Euro soars on Aussie rate slash, Spanish hopes
Published 10/02/2012, 12:13 PM
Updated 10/02/2012, 12:14 PM
Forex - Euro soars on Aussie rate slash, Spanish hopes
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