Source: ForexYard
As trading has continued into the evening hours the euro and Australian dollar were able to gain back some of the losses taken in the last couple trading sessions. Various bits of news coming from these countries may have influence the recent upsurge that occurred this afternoon. In Europe there was a brief reprieve in the single currency’s recent decline as six Greek banks indicated they would participate in Greece’s debt swap. France’s second largest bank also indicated they would be willing to join in on the debt swap. This calmed several worried investors regarding the possibility that Greece may still default on its debt obligations this month. As of this afternoon, the euro is running up against the USD at $1.3150.
News from Australia regarding its GDP forecast indicated growth of 0.4% which falls well below the 0.7% that investors expected. Despite the lackluster news from Australia, the aussie dollar was able to stabilize this afternoon against the USD. The aussie is currently hovering near $1.0570.
Forex Market Analysis provided by ForexYard.
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