International Business Times
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By Markos Solomou | June 14, 2012 12:42 PM IST

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The euro (EUR) edged higher to 1.2610 from 1.2473. But the single currency remains under pressure as investors are preparing for the crucial Greek election in the weekend. Greeks will decide whether they want to stay in the euro as Syriza, the leftish party opposes to austerity measures while New Democracy party backs the bailout package. Worries about Spain’s banking sector and its rising government bond yields continued to weigh on the single currency. Further weighing on risk sentiment in the market is a sharp rise in German bunds raising fears that the deepening debt crisis in the eurozone is spreading to the eurozone’s largest economy, Germany. Credit rating Moody’s cut the credit rating of Spain while Cyprus was downgraded by two notched increasing concerns that it may be the next country to seek for financial aid. Focus now turns to Italy as it is due to sell up to 4.5 billion euros of government bonds today where a lower demand may trigger a rise in its borrowing costs.

The US dollar (USD) weakened against a basket of currencies on expectations the Federal Reserve could embark on a third round of quantitative easing to support the ailing economy. Versus the safe haven Japanese yen (JPY), the greenback edged lower to 79.29 from 79.74 and investors remain cautious that the Bank of Japan may step in the markets to weaken the yen. Focus turns to the US inflation data due later today as well as Initial Jobless Claims data.

The British Pound (GBP) plummeted against the dollar to 1.5472 from 1.5597 weighed by a heightened risk aversion in the market. Against the sterling, euro gained jumping to 0.8119 from 0.8022.

Oil edged lower to 81.97 dollars a barrel from 83.98. Gold (XAU) jumped to 1624.30 dollars an ounce from 1605.67 and against the euro it slightly edged higher to 1287.84 from 1287.42. Silver (XAG) edged higher to 29.11 dollars an ounce from 28.75. Stay in tune throughout the day with foreign exchange bullets!

 

OutlookPivotPreference1Sentiment2
EURUSD1.2515LONG @ 1.252540% of deals buy EUR
USDJPY79.75LONG @ 79.7571% of deals buy USD
GBPUSD1.5495LONG @ 1.549559% of deals buy GBP
AUDUSD1.0000LONG @ 1.000079% of deals buy AUD
GOLD1606.00LONG @ 1606.0056% of deals buy GOLD
OIL82.15LONG @ 82.1595% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
CalendarCurrencyTime (GMT)EventForecast
EUR09:00Consumer Price Index-0.2%
USD12:30Consumer Pirce Index1.8%
USD12:30Initial Jobless Claims375K
EquitiesEUROPEUSASIA3
FTSE 1000.18%S&P 500-0.70%NIKKEI-0.22%
DAX-0.14%DJIA-0.62%HIS-0.69%
CAC-0.55%NASDAQ-0.86%CSI 300-0.35%
3 at the time of writing
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