Euro off highs ahead of Portugal debt sale

The euro clung on to most of its overnight gains in Asia on Wednesday but came off its peak after disappointing earnings from Citigroup took the shine off a batch of upbeat data from China, Germany and the United States.

The single currency stood at $1.2739, having climbed more than 1 percent at one stage overnight to a high of $1.2808, pulling well away from a 17-month trough around $1.2623 set on Friday.

Resistance is seen around $1.2800, the 14-day moving average and around $1.2850 the top-side of a downtrend channel from November. Against the yen, the euro was at 97.84, off an 11-year low near 97.00 plumbed on Monday.

"In the immediate term, risks may arise from the Portuguese bill auctions later today and the Spanish long term bond auctions on Thursday," BNP Paribas analysts wrote in a client note.

Read Full Article from Reuters

- Posted: 2012-01-17 17:56:02

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