EUR erases gains vs. USD
- Last Updated on 09 February 2012
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The euro gave back most of its recent gains against the US dollar in trading yesterday, as negative news out of Greece once again drove investors to safe-haven assets. Greece's inability to reach a debt swap agreement with its creditors has overshadowed otherwise positive euro-zone economic indicators. As such, the EUR/USD once again dropped below the 1.3000 level, and analysts are warning that it will be hard for the pair to break the 1.3080 resistance level in the near term.
Today, traders will once again want to pay attention to any announcements out of the euro-zone with regards to the Greek debt situation. Additionally, any news on Portugal, which is now viewed as the most likely to default on its debt after Greece, could impact euro pairs. US news may also generate market volatility, with this week's Unemployment Claims figure most likely to impact the EUR/USD pair.