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President Hollande and Chancellor Merkel Clashed Over Currency; Market Waits Presiden

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  • President Hollande and Chancellor Merkel Clashed Over Currency; Market Waits Presiden

    (Vibiznews-FX) - At today’s trading (07/02, 06.52 GMT) the index of Euro currency rises against some other major currencies. The Euro index opened at 109.38 in early trading (00:00 GMT), and climbs + 14 pips or about + 0.13 % at 109.52.

    The favorable sentiment against Euro is seems to be rising , before European Central Bank (ECB) reports a latest data of the interest rate on the main refinancing operations that provide the bulk of liquidity to the banking system.The Minimum Bid Rate might stays at 0.75%.

    A few days ago French President Francois Hollande called for government leaders to steer the euro’s exchange rate. “We can’t let the euro fluctuate according to the mood of the market,” President Hollande said at the European Parliament in Strasbourg, France. This call sets up a potential clash with the European Central Bank by saying the euro area has to use the currency as an export-promoting tool just like the U.S. and China.

    On the other side, German Chancellor Angela Merkel’s government dismissed calls by French President Francois Hollande to steer the euro’s exchange rate, saying currencies should be determined by the market and not managed. Vibiz Consulting Analyst said normal range of Euro index is estimated to have the support level at 108.56 and resistance level at 110.09. (Vibiznews-FX) - At today’s trading (07/02, 06.52 GMT) the index of Euro currency rises against some other major currencies. The Euro index opened at 109.38 in early trading (00:00 GMT), and climbs + 14 pips or about + 0.13 % at 109.52.

    The favorable sentiment against Euro is seems to be rising , before European Central Bank (ECB) reports a latest data of the interest rate on the main refinancing operations that provide the bulk of liquidity to the banking system.The Minimum Bid Rate might stays at 0.75%.

    A few days ago French President Francois Hollande called for government leaders to steer the euro’s exchange rate. “We can’t let the euro fluctuate according to the mood of the market,” President Hollande said at the European Parliament in Strasbourg, France. This call sets up a potential clash with the European Central Bank by saying the euro area has to use the currency as an export-promoting tool just like the U.S. and China.

    On the other side, German Chancellor Angela Merkel’s government dismissed calls by French President Francois Hollande to steer the euro’s exchange rate, saying currencies should be determined by the market and not managed. Vibiz Consulting Analyst said normal range of Euro index is estimated to have the support level at 108.56 and resistance level at 110.09. VibizNews.com

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