Forex: EUR/USD Expected to Extend Decline

on Nov 13, 2012

iNVEZZ (London) – With the euro remaining under pressure and the greenback’s haven appeal boosted by fiscal cliff concerns, the EUR/USD pair is expectedly down as well. On November 13, FXstreet reported that the EUR/USD declined by 0.21 percent to 1.2681, with next support level lying at 1.2673. Bloomberg reports that earlier, the euro weakened to $1.2673 in Tokyo, its lowest since September 7.

**Euro Woes**
The single currency remains in negative territory following Spain’s inflation figures which came in line with market expectations. The much-anticipated Italian CPI data and most of all, Germany’s ZEW survey, will define the EUR/USD movements. According to economists surveyed by Bloomberg, the ZWE gauge, which assesses the current economic situation, most likely declined to 8 in November, from a reading of 10 in October.

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The EUR/USD is also under pressure from the unresolved Greek bailout, with Luxembourg’s Prime Minister saying that Eurozone finance ministers will meet again on November 20 to discuss additional funding for Greece. “Investors are growing concerned about the risk that Greece will run out of money and that will lead to its exit from the euro,” notes Kengo Suzuki at Mizuho Financial Group (TYO:8411), as quoted by Bloomberg. “Further delay for the bailout will continue to weigh on the euro.”


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