ECB's Mersch is concerned about talks regarding more Greek debt restructuring, that Greece has to resume its reform programme. New steps towards fiscal union must be taken. The current account in Greece rose from €0.642B to €1.6B in August (YoY). The Eurozone government debt to GDP ratio in 2011, pointing to a slight rise from 87.1% to 87.2%.
“We will assume rallies are likely to now struggle 1.6100/56 and slide back to the October low at 1.5977”, wrote Commerzbank analyst Karen Jones, pointing to the 55-day moving average located there and with ability to hold the pair.