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Gains capped for euro ahead of debt auctions

23rd January 2012

The European single currency has seen its gains capped by resistance at $1.2880 ahead of upcoming debt auctions in Spain and France.

Furthermore, ongoing talks over the future of the Greek economy are weighing down on the euro, although the currency's short covering rally continued to hold.

It also increased its standing against the yen in forex trading this morning (January 19th), with the euro up to 98.66 yen as of 08:41 GMT - just shy of last week's peak of 98.90 yen.

"The euro could target 90 yen within this year, but for now everyone is underweight euro and covers short positions whenever there is good news about Europe," Citibank Japan's chief foreign exchange strategist Osamu Takashima told Reuters.

Earlier this week, rumours of an increase in the reserves for the International Monetary Fund (IMF) served to boost the euro against the greenback. It emerged that the IMF's lending capacity could be increased by as much as $1 trillion to protect the global economy from the impact of the ongoing debt crisis in Europe.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.