EUR/USD and cable have recovered from their morning sell-offs. EUR/USD is presently back up at 1.4000 having earlier posted a 1.3959 session low, while cable is back up at 1.5905 having bottomed out at 1.5837 during a sharp morning sell-0ff.
European stocks have recovered some of their earlier losses, DAX 30 now only 0.75% down, and this will be helping the euro and sterling.
Porsche has come out and confirmed that it did get a 700 mln euros loan from its Volkswagen unit, but insists the company can cope with their debt woes.
A company spokesman said earlier “Porsche is not on the verge of insolvency even if that is alleged over and over” referring to media reports about the German group whose brash takeover of VW has stalled, forcing it instead to seek a merger with VW.
Technical resistances for EUR/USD now lie at 1.4030/35 and 1.4050/55. Buy stops remain up at 1.4060. Technical resistance for cable at 1.5935/40.
NOTE: THAT’S THE END OF EUROPEAN COVERAGE FOR TODAY. ENJOY THE REST OF YOUR DAY.
