It’s a bad start for the Euro this week. The euro traded at 107.26 yen in Tokyo from 107.32 yen in New York on Jan. 7, when it touched 106.95 yen, the lowest level since Sept. 14. It was at $1.2922 from $1.2907, after earlier reaching $1.2867, the weakest since Sept. 14.
Pressure is growing on Portugal from Germany, France and other euro zone countries to seek financial help from the EU and IMF to stop the bloc's debt crisis from spreading, a senior euro zone source said on Sunday. Portugal will sell 2014 and 2020 bonds on Jan. 12. Italy will offer 2014 bonds and Spain will auction 2016 debt on Jan. 13, according to data compiled by Bloomberg. The yield on Portuguese 10-year bonds climbed to as high as 7.19 percent on Jan. 7, the most since Nov. 11. The yield on Spain’s 10-year bonds reached 5.54 percent last week, the highest since Dec. 21.
The Euro is expected to see pressure this week against all majors. The EURUSD is expected to depreciate till 1.25. In Indian crosses market, the EURINR shows a possibility till 58.00. STAY SHORT
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