Forex - EUR/USD remains under pressure at 2012 start

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Forex - EUR/USD remains under pressure at 2012 start

Forex - EUR/USD remains under pressure at 2012 start

Forexpros - The euro weakened against the U.S. dollar at the start of 2012 on renewed debt fears and a negative euro zone manufacturing report.

EUR/USD hit a high of 1.2969 during mid session U.S. trade. It is currently trading at 1.2927 off by 0.22%.

The pair was likely to find short term support at 1.2922 and intraday technical resistance exists at 1.2932. A very tight price range due to the holiday trading session.

A report on European manufacturing indicated that manufacturing shrunk for the fifth straight month in December adding to the New Year's growth worries.

German Chancellor, Angela Merkel, did little to stem debt concerns as she stated she expects turbulence this year and will do everything to save the euro.

Peter Rosenstreich at Swissquote Bank told Bloomberg, "We remain negative about the euro. Lack of growth in peripheral nations will be a major issue."

In other news, the euro hit a 11 year low against the yen as debt worries escalate in the euro zone.

The Euro eased lower against the pound with EUR/GBP falling 0.006% to 0.8336.

Meanwhile, Germany is studying a suggestion to write down Greek debt by 75% reported Bloomberg.

Investors are awaiting U.S. payroll report later in the week to confirm continued improvement in the world's largest economy.

Forexpros - Forexpros offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

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Source: http://www.moneycontrol.com/news/rupee/forex-eurusd-remains-under-pressure-at-2012-start_643898.html

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