Posts tagged ‘european session’

February 2, 2012

EURO morning fundamental

‘The merger between Deutsche Boerse and NYSE Euronext would have led to a near-monopoly in European financial derivatives worldwide’ – Joaquin Almunia, competition commissioner

EU blocks merger of NYSE and Deutsche Boerse

Impact High

The European Commission has blocked a 9 billion dollar merger between Deutsche Börse and NYSE Euronext stock exchanges, saying that it would have stifled competition and created a monopoly in derivatives trading.

‘Despite the remedies offered by the companies, the European Commission concluded that the combination would significantly impede effective competition and declared the concentration to be incompatible with the Common Market,’ Deutsche Boerse’s statement said.

‘The merger between Deutsche Boerse and NYSE Euronext would have led to a near-monopoly in European financial derivatives worldwide,’ said competition commissioner Joaquin Almunia.

‘These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive. We tried to find a solution, but the remedies offered fell far short of resolving the concerns.’

February 1, 2012

EUR/USD prints fresh highs

The pair gained more than 100 pips from European session lows (1.3025) and hit a fresh high today at 1.3143. At the time of writing the EUR/USD is quoting at 1.3140, gaining 0.43% in the day.

The euro rallies against the U.S. dollar on rumors on Greece and private creditors are near a tentative accord. Greek Finance Minister said yesterday that Greece is one step from closing a debt-swap deal with its private bondholders. According to Bloomberg, as an inducement for creditors, the debt would probably be governed under U.K. rather than Greek law, providing more bondholder protection.

ACFX Analysts Team points that, to the upside, immediate resistance level could be located at 1.3184 and 1.3285 while to the downside support levels might lie at 1.3012, 1.2941 and 1.2840.