FXstreet.com (Barcelona) - The EUR/USD is stabilizing above 1.2750 ahead of the New York session, accompanied by the US CPI, initial jobless claims and Empire and Philly Fed November surveys. Earlier, the pair had gone off to 1.2773 high on comments made by European Union Economic and Monetary Affairs Commissioner Olli Rehn. He said that the European economy may have bottomed out and that the ECB made an impact to ease market tensions, and that could also been seen in yesterday's Italian bond auction. About banking, harmonizing deposit guarantees wouldn't mean merging funds, and pooling deposit guarantees in EU wouldn’t boost credit. Credit is tight on lack of demand and supply constraints.
Also boosting sentiment were reports that Spain is considering requesting a credit line from the IMF alone, instead of calling for an European bailout. More recently, ECB's Mario Draghi said the central bank bought precious time with its unconventional measures and standed firm in his belief that the Euro can't go backwards. The German finance minister Schaeuble said Greek aid will be agreed on by Tuesday.
“The outlook here continues to be positive, for a break through 1.2790 resistance, en route to 1.2880 major hurdle”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 1.2710.