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Forex Flash: After EU summit juicy news, EUR/USD should be higher - Westpac
FITITOL--> FXstreet.com (Barcelona) - The EU had some good news to deliver in the form of permission by EU leaders to use the bailout funds EFSF and ESM to be tapped by Spain and Italy in order to hel recap their struggling banks."This is a clear backdown by Germany despite Angela Merkel now publicly welcoming the decision. What has yet to be specified is what conditions will apply â€" surely Spain can’t just tap the fund at will?! There was also agreement that ESM loans to Spain to shore up its banks won’t have senior status, which should help ease fears of potential investors in Spanish govt bonds" explains Sean Callow, currency strategist at Westpac.
The EC will also make a proposal for a single bank supervisor, with substantial ECB involvement although only under “very strict conditionsâ€, according to Barroso and Van Rompuy, which as seen by Mr. Callow, "is another important positive", who adds that despite not being the 'big bazooka', "EUR/USD should indeed be hig her, though the scale of the bounce, from 1.2450 to as high as 1.2628, has obviously been accelerated by the huge overhang of EUR shorts and dismally low expectations for the summit."
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