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Daily Foreign Exchange News Tuesday 21st August, 2012

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This morning as we write the EUR/USD is rallying ahead of the European opening, while futures for the DAX 30 and French CAC 40 edge higher, and the pair keeps on extending gains. Current high is 1.2381.

Following the 79.66 high yesterday morning, the USD/JPY has been trading weaker, and after a first stop at 79.40 areas, the pair extended losses to 79.30. There is still a lot to retrace of last week’s gains, but the pair signals consolidation for now.

At the moment the general markets seem firmly in place but the sterling is proving particularly dormant. Through the opening session of the trading week, the biggest move the currency could post was a 0.1 percent drop against the otherwise strong Australian dollar. The sterling is slowly trying to release the mooring line to the Euros future as the imminent threat of a spreading Euro Zone crisis has eased.

This week we see the European leaders one by one return from their holidays. There are many successive meetings already being scheduled with the main topic being the current delicate situation in Greece and Spain. There have also been reports of the ECB planning to establish limits on yields.

In an attempt to convince EU leaders to ease the bailout terms for Greece, PM Antonis Samaras will hold talks with Eurogroup chief Jean-Claude Juncker on August 22, with German Chancellor Angela Merkel on August 24 and with French President Francois Hollande the following day. Angela Merkel will also meet with Francois Hollande in Berlin on Thursday.

Due to a positive result of a debt auction held recently by the Greek Treasury it is expected that the country will be able to repay 3.8 billion euros of debt to the ECB on Monday. The Troika inspectors will return to Athens at the beginning of September in order to continue the evaluation of the country’s bailout program.

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