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Euro likely to edge higher on favorable economic data

In today’s session we expect Euro to appreciate on the back of mixed global market sentiments along with weakness in the DX. Additionally favorable data from the region is expected to support upside in the currency.

October 23, 2012 12:26

Euro gained 0.3 percent on the back of optimism that efforts by Spain’s Prime Minister Mariano Rajoy to cut the deficit were supported by the public. However, strength in the DX restricted sharp gains in the currency. The currency touched a high of 1.3083 and closed at 1.3059 on Monday.

Outlook

In today’s session we expect Euro to appreciate on the back of mixed global market sentiments along with weakness in the DX. Additionally favorable data from the region is expected to support upside in the currency.

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