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Currency Analyst since 2010

EUR/USD rose to $1.3590

EUR/USD is testing levels above $1.3590. US dollar weakened at holiday-thinned markets Monday after limited progress on US debt impasse over the weekend. 

The euro area’s industrial production came better than expected (+1.0% vs. + 0.8%). Greek think tank IOBE said that the economy to only shrink by 4.1-4.2% in 2013 compared to the previous forecasts of 4.8-5% shrinkage. EU Commissioner Rehn said that Spain and Ireland have very good chance of successfully ending bailout programs. Josef Bonnici, the ECB’s governing council member said that he’s prepared to go to negative deposit rate.

Resistance is at $1.3600/05 and $1.3630.

Support is at $1.3550/40, $1.3515, $1.3487.

 

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