Source: ForexYard
The euro took moderate losses during overnight trading, following an election in Catalonia, Spain’s wealthiest region, in which pro-separatist political parties scored some victories. The news led to speculations that Spain will continue to delay requesting a euro-zone bailout. The EUR/USD fell close to 25 pips during the Asian session, while the EUR/JPY dropped more than 70 pips.
The price of crude oil fell around $0.30 during the first half of the night, eventually trading as low as $87.85, before staging an upward recovery and bouncing back to its current level of $88.15.
After shooting up close to $20 an ounce on Friday, gold was able to largely hold onto its recent gains during the Asian session as hopes that a deal to unlock a new round of Greek bailout funds will soon be reached. The precious metal is currently trading at the $1750 level.
Main News for Today
Eurogroup Meetings- All Day
• The Eurogroup consists of finance ministers from throughout the euro-zone
• The main topic of discussion for today is how to provide Greece with a new round of bailout funds
• If a deal is reached to provide Greece with the funds, the euro could see gains throughout the day
Read more forex news on our forex blog
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