Euro Rises After Greek GDP And Italian Auction Result

Euro Rises After Greek GDP And Italian Auction Result


The euro spiked higher against other major currencies in European deals on Monday as the Greek GDP contracted less than expected in the second quarter and on better Italian auction results.
Flash estimate from the Hellenic Statistical Authority showed that the Greek gross domestic product declined 6.2 percent from the prior year, slower than the 6.5 percent decrease a quarter ago. The annual fall was also smaller than the 7 percent drop forecast by economists.
At current prices, GDP slipped at a faster pace of 6.6 percent annually in the second quarter after easing 6.1 percent in the previous three months.
The euro is trading at a 4-day high of 1.2323 against the US dollar, up 0.5 percent from an early Asian session low of 1.2262. If the euro-dollar pair gains further, it will target the 1.235 level.
The euro is worth 96.40 yen and 0.7861 against the pound, compared to early Asian session lows of 95.96 and 0.7830, respectively. The next upside target level for the euro is seen at 96..6 against the yen and 0.787 against the pound.
The euro that traded at a fresh multi-year low of 1.2165 against the Canadian dollar in early deals is now worth 1.2220. On the upside, 1.225 is seen as the next target level for the single currency.
Against the Australian dollar, the euro is now trading at 1.1685 and if the euro rises further, it will target the 1.175 level.





More FOREX-news on pages InstaForex.Com