No Bailout Yet, Aussie Slump Continues
The euro climbed as high as 1.2968 but gave back some gains after Spanish PM Rajoy said a request for a bailout is not imminent. On the day, the euro was still the best performer while Australian dollar lagged badly following the RBA decision. The Asia-Pacific calendar is quiet. New Premium Insights have been added with special technical charts for silver weeklies. See more below.
The euro climbed steadily in European trading but Rajoys comments pulled the currency back to 1.2916. A China Investment Corp official also weighed on the euro. He said the CIC will not be investing in periphery debt until fundamental issues are resolved.
Germanys economy minister will be in Spain on Wednesday.
Greece continues to negotiate with the Troika for aid but there is talk of more demands before the next tranche of funds will be released.
The Australian dollar remained on the defensive throughout US trading, falling below 1.0250. It is the lowest since early September and underscores the potential global growth slowdown.
The lone indicator on the Asia-Pac calendar is the Sept AiG performance of services index at 2330 GMT. The prior reading was 42.4. Australian dollar traders will be looking for industry reaction to the RBA cut. Early indications are unclear but if banks fail to pass on the 25 bps of savings to customers, another cut is more likely.
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