Asia Session – May 30, 2011 1:37 AM

With holidays ahead in the two major banking centers of  London and New York, the action in Asia remained tame with the Euro slipping off of last week’s highs due to the continued issues facing the EU over the faltering Greek state. The EUR/USD, which opened at highs near 1.4323, remained centered near 1.4290 for the better part of the session until a late drop off near 1.4270 just before the European session began. The lingering debt issues with Greece are now center stage with a bevy of comments and articles circulating throughout the markets today. First and foremost, the news that Greece had missed all of it’s previously agreed upon fiscal targets did not bode well for the single currency. Added to this is the possibility that the EU will look for outside intervention in the Greek economy capped by the news of a special EU meeting on Greece on June 6th and the recipe was right for a bearish Euro. However, after last week’s poor data in the US and lower bond yields topped with the possibility of rate hikes this year diminishing, and a weaker dollar kept the Euro braced from a large fall. Full text » | Technorati | Stumble It!


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