The euro remains near two-year lows
29.12.2014
On Monday morning the main currency pair is trading without enthusiasm – the news background is meagre, only Greece attracts attention.
In the final Monday of the year the euro/dollar is trading sluggishly, not very far from 1.2185. The ceiling of 1.22, as expected, yielded to the "bears" quite easily, which once again confirms the view of the coming expansion of the spread in interest rates by the Federal Reserve System and the European Central Bank.
There are no vital statistics today. The New Year is around the corner so what kind of statistics could there be?
The attention of the market on a similar background is drawn towards Greece, where on Monday the presidential election is held. Greece once again reminded the world about itself this autumn: the recession in the economy has eased up, government programs are working, although not as effectively as we would like. However, the vacuum in the finance is still deep - Athens owns their creditors large sums of money.
The most objective indicator of the market now is the ten-year Greek bonds yield. As of today the rate is 8.55% per annum. With this amount of loans such schemes of de-financing become too expensive and ineffective. The growth of bonds rate also indicates a growing market anxiety about Greece.
The euro/dollar will spend today sluggishly, unless, of course, the Greek news will "turn up the heat" for investors, who are already relaxed so close to the New Year holidays.
RoboForex Analytical Department
In the final Monday of the year the euro/dollar is trading sluggishly, not very far from 1.2185. The ceiling of 1.22, as expected, yielded to the "bears" quite easily, which once again confirms the view of the coming expansion of the spread in interest rates by the Federal Reserve System and the European Central Bank.
There are no vital statistics today. The New Year is around the corner so what kind of statistics could there be?
The attention of the market on a similar background is drawn towards Greece, where on Monday the presidential election is held. Greece once again reminded the world about itself this autumn: the recession in the economy has eased up, government programs are working, although not as effectively as we would like. However, the vacuum in the finance is still deep - Athens owns their creditors large sums of money.
The most objective indicator of the market now is the ten-year Greek bonds yield. As of today the rate is 8.55% per annum. With this amount of loans such schemes of de-financing become too expensive and ineffective. The growth of bonds rate also indicates a growing market anxiety about Greece.
The euro/dollar will spend today sluggishly, unless, of course, the Greek news will "turn up the heat" for investors, who are already relaxed so close to the New Year holidays.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.