Market Watch News – Euro extends gains against broadly weaker dollar

On Thursday the euro extended gains against the broadly weaker U.S. dollar advancing to a five-week high amid hopes for progress on Greek debt talks, while the Federal Reserve’s dovish rate statement continued to weigh on the USD.
Jan. 26, 2012 - PRLog -- January 26, 2012 – InvestTechFX reports that the EUR/USD hit the mark of 1.3174 during the European early afternoon trading session, which was the pair’s highest since December 21; the pair subsequently consolidated at 1.3138, gaining 0.24%.

The pair was likely to find support at 1.2952, Tuesday’s low and resistance at 1.3197, the high of December 21.

Talks on a debt swap deal between debt strapped Greece and its private creditors were to resume in Athens later in the day.

The euro was boosted by Greek media reports that the country’s creditors were prepared to accept lower interest rates on new Greek bonds to be issued to replace their existing Greek holdings.

On Wednesday, International Monetary Fund’ leader stated that the European Central Bank and other public sectors holders of Greek debt may also need to accept losses to help ease the country’s massive debt burden.

Elsewhere, Italy successful auctioned EUR5 billion of government debt earlier, in a bond auction which met with solid investor demand at sharply lower yields, ahead of an auction of medium to long term debt on Monday.

The U.S. dollar remained broadly lower after the Fed pushed back expectations for a likely interest rate increase until late 2014 and hinted at more quantitative easing.

Later in the day, the U.S. was to release official data on initial jobless claims and durable goods orders.

The euro was also slightly higher against the pound, with EUR/GBP easing up 0.12% to hit 0.8382.

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Source:Gwen L. McMillian
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