EUROPEAN SESSION UPDATE: Euro doesn’t react to the Chancellor’s comments ahead of the September German elections; eyes turn to weekend…
German Chancellor Merkel sounded chipper this morning when discussing the state of the economy in Germany and the rest of the Euro-zone. She said that although stabilizing the Euro will occupy Europe for years, progress is being made in crisis hurt countries. The German leader is running for re-election in September, and therefore she has reason to make optimistic comments like Germany is strong and the economic picture is good.
However, the Euro did not react significantly to Merkel’s comments, and the Pound and Euro are both trading a bit higher against the US Dollar in today’s session. EUR/USD sits slightly above 1.3100 at the time of this writing, and the 1.3165 may continue to provide resistance.
In economic releases, UK Public Sector Net Borrowing for June dropped to 10.2 billion Pounds from a revised 2.8 billion in May. The two big events for the weekend are the Japanese Upper House elections and the meeting of G20 leaders.
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EURUSD Daily: July 19, 2013
Chart created by Benjamin Spier using Marketscope 2.0
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-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to email@example.com .