14 Oct 2013
EUR/USD Eurogroup to discuss bailout progress and banking stability
FXstreet.com (London) - The two day Eurogroup finance ministers meeting begins today in Luxembourg. There are suggestions that measures will be tabled aimed at bolstering Eurozone bank capital in advance of the 2014 ECB asset quality stress tests. Any stability proposals will help to support EUR/USD levels, already given a boost on US fears.
The group will also discuss progress made by bailout recipients. The meeting comes after Ireland announced that it would be exiting its bailout programme this year.
The USD leg has seen selling pressure as congress continues to stall in debt ceiling negotiations. Discussions over the weekend between Republican and Democrat leaders were described as "substantive", but no agreement was made to provide a temporary extension of the debt ceiling. Hopes of a swift resolution to the stand-off were raised last week, when Republican leaders proposed a six-week extension in exchange for wide-reaching discussions over spending cuts.
Eurozone industrial production data are due today, and Zew index figures due tomorrow.
EUR/USD is trading at USD1.3552.
The group will also discuss progress made by bailout recipients. The meeting comes after Ireland announced that it would be exiting its bailout programme this year.
The USD leg has seen selling pressure as congress continues to stall in debt ceiling negotiations. Discussions over the weekend between Republican and Democrat leaders were described as "substantive", but no agreement was made to provide a temporary extension of the debt ceiling. Hopes of a swift resolution to the stand-off were raised last week, when Republican leaders proposed a six-week extension in exchange for wide-reaching discussions over spending cuts.
Eurozone industrial production data are due today, and Zew index figures due tomorrow.
EUR/USD is trading at USD1.3552.