{"id":71677,"date":"2015-04-28T07:45:30","date_gmt":"2015-04-28T11:45:30","guid":{"rendered":"http:\/\/countingpips.com\/?p=71677"},"modified":"2015-04-28T07:31:47","modified_gmt":"2015-04-28T11:31:47","slug":"euro-hits-3-week-high-as-interest-rate-differentials-contract","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/04\/euro-hits-3-week-high-as-interest-rate-differentials-contract\/","title":{"rendered":"Euro Hits 3-week High as Interest Rate Differentials Contract"},"content":{"rendered":"
April 28, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

The euro remained well bid following news that Athens had chopped Finance Minister Varoufakis from the negotiating team. The dollar\u2019s yield advantage over the euro has also narrowed moderately, over the last couple of trading days, shrinking to the 175 basis points area from around 180 basis points at the 10-year T-note over Bund comparison. EUR\/USD hit a new three-week high at 1.0945. \u00a0Resistance is seen near the recent highs at 1.1060, while support is seen near the 10-day moving average at 1.0795.<\/p>\n

It appears that the ECB is not considering Greek EMU exit, according to Executive Board Member Coeure, who said in an interview with Alternatives Economiques that the exit of Greece is not a scenario we are working on. Coeure also said that the central bank\u2019s QE program is certainly reducing the risk of contagion in the euro area. Officials have repeatedly played down reports that there are studies and contingency plans simulating a Greek EMU exit, but after the 2012 crisis it would be very strange if there hadn\u2019t been some studies on the impact of such an event and it is clear that creditors this time around are more relaxed about the possibility.<\/p>\n

Tomorrow Greece is expected to present to parliament legislation to enact various reforms, including fiscal issues, taxes, public administrative reforms, television media licenses, and a tax on TV advertisement.\u00a0 It is expect to clear the remaining hurdles for the Piraeus Port and the leasing of 14 regional airports.\u00a0 It appears to have compromised by abandoning its pledge to hike minimum wages.<\/p>\n

On the economic front, French consumer confidence nudged higher to 94 in April from 93 in the previous month. The improvement was in line with expectations and is a glimmer of hope amid otherwise still disappointing PMI readings, which suggest ongoing contraction in economic activity. France\u2019s continuous under performance highlights the lack of structural reforms, especially now the government can no longer point to a strong currency as the main reason behind the economic weakness.<\/p>\n

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Article by ForexTime The euro remained well bid following news that Athens had chopped Finance Minister Varoufakis from the negotiating team. The dollar\u2019s yield advantage over the euro has also narrowed moderately, over the last couple of trading days, shrinking to the 175 basis points area from around 180 basis points at the 10-year T-note […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-71677","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/71677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=71677"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/71677\/revisions"}],"predecessor-version":[{"id":71680,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/71677\/revisions\/71680"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=71677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=71677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=71677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}