By: DailyForex.com
The Euro’s typical volatility was clearly in evidence as investors put any lingering relief over Sunday’s Greek pro-bailout vote to rest and focused instead on Spain, where a debt auction of 10-year benchmark bonds saw yields rise to 7.3%. While the Euro recouped earlier losses, analysts acknowledge that investors’ worries of Spain’s escalating borrowing costs is likely to cap any additional potential gains. In Mexico, the site of the G20 meeting, world leaders said that the time was now to take any and all necessary measures to resolve the Eurozone’s debt crisis and would fully support the E.U.’s efforts in that regard.
As reported at 10:05 a.m. (JST) in Tokyo the Euro was trading at $1.2603, falling from a 1-month peak of $1.2748 struck on Monday as the relief rally set in; crucial support is seen at $1.2536. Analysts are speculating that there could be a brief rise in the Euro after the Federal Reserve interest rate decision and meeting which will be held tomorrow; the Fed is expected to extend the Operation Twist program beyond its June expiration.
The U.S. Dollar Index, a gauge of the greenback’s value versus several major currencies was 0.2% lower to 81.797 .DXY; on Monday the index had struck a 1-month low of 81.266 .DXY.
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