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FOREX NEWS | CURRENCY NEWS BY FOREXLIVE
Greek polls are old news
10 days ago there were polls confirming that Greek voters were returning to the establishment parties that negotiated the bailout, so weekend polls are not telling us anything new.
Trade Idea Central, Monday May 28th
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Bank funding reports give EUR a lift
Reports over the weekend that the EU has been working on plans for a rescue fund for crippled banks has given the EUR, and other risk trades, a lift in early morning trade.
Another Reuters headline reports that the Spanish government may recapitalise the embattled Bankia, using Spanish government bonds, has also given the single currency a lift.
There is nothing concrete in any of these plans and the latter would involve Bankia using the government bonds as collateral to get funds from the ECB, and it’s by no means certain that the ECB would agree to such measures.
EUR/USD orders
Same orders as Friday evening still in place I’m told, with lots of selling interest 1.2600/20 and very heavy stop-loss buying above 1.2625 and again above 1.2655.
AUD/USD, NZD/USD dragged higher as EUR recovers
As Gerry mentioned earlier, the talk of a rescue fund for EZ banks seems to have set off some short covering acros the board. AUD/USD is trading at .9815, after closing on Friday at .9760, and the NZD/USD is trading near .7600. USD/JPY is 79.70, cable is 1.5690 and EUR/CHF is at 1.2020.
Good luck today.
EUR/USD trading higher
Presently 1.2560 bid.
Guess the Greek poll news and talk of a European rescue fund for distressed banks will be supporting the single currency.
UPDATE: 1.2575 bid.
SNB considers capital controls if euro falls apart
European rescue fund to seize control of struggling banks
If you want to read the story, and you should, then do a google search using european rescue fund.
Gunter Grass attacks Merkel for Athens policy
Eurozone crisis: if Greece goes, Germany’s prosperity goes with it
Market Talk
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Economics
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