FXstreet.com (Barcelona) - Euro sentiment has improved and the cross has been catapulted to levels just shy of 1.2320 after Greek GDP has contracted 6.2% YoY in the second quarter, bettering estimates that were calling for -7.0%. Following the upbeat data, Italian 364d bills yielded 2.767% vs. 2.697% previous. Despite the higher yields, the auction has registered stronger demand.
The cross is now advancing 0.23% at 1.2320 with the next hurdle at 1.2388 (high Aug.9) ahead of 1.2402 (high Aug.8) and then 1.2444 (high Aug.6)
On the flip side, a breach of 1.2242 (low Aug.10) would open the door to 1.2195 (61.8% of 1.2042-1.2444) then 1.2167 (low Aug.3) and 1.2133 (low Aug.2).