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Euro testing 1.14 handle

Thursday, May 14 2015
With no major data releases from Eurozone and with French and German banks being closed in observance of Ascension Day, traders once again shifted their attention to resolution of Greek debt crisis that seems to be nearing. Greek Finance Minister Varoufakis said that Greece will sink without reforms. He noted that previous Greek governments made undeliverable promises and that Greek social security system not sustainable. He also added that Greece needs realistic asset sales revenue targets.
 
Euro was pushed higher in the course of yesterday's session after GDP figures indicated recovery of Eurozone. The European Commission last week revised its forecast for economic growth this year to 1.5%, up from 1.3%, and a significant gain on the 0.9% posted last year. And by 2016 the European Commission expects the Eurozone economy to grow by 1.9%. It said it will helped by increased domestic, as falling oil prices leave households with more spending money.
 
Euro is just few points below 1.14 handle. Pair is likely to find support around 1.1330 level and resistance above 1.1460 area. Later today, in the US session, PPI and Unemployment Claims figures are scheduled for a release.
More in this category: « Aussie lower in a steadier Thursday's session US PPI fell by 0.4% in April »

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