Thursday, 18 Mar 2010

EUR Weakens vs. Rivals

The EUR weakened against the dollar on Thursday as worries over Greece's debt problems heightened after a report saying the country was not optimistic about aid from euro zone members. The EUR is currently trading lower against the USD by nearly 100 pips at 1.3620. It is also trading lower against the GBP.

An unidentified Greek official quoted in the report said Greece was increasingly pessimistic about the prospect for receiving assistance at a March 25 European Union summit and may seek International Monetary Fund aid during the April 2-4 Easter weekend.

Looking ahead to tomorrow, much vital data is expected from the leading economies. Traders are advised to pay special attention to two leading indicators, the Canadian Core CPI and German PPI. A positive end result of each of these indicators is likely to strengthen the local currency the CAD and EUR.