EUR: EU agrees €90bn Ukraine loan – ING
|EU leaders secured a €90bn loan package for Ukraine, a market-friendly outcome for the Euro (EUR), as EUR/USD drifts toward support near 1.1680 with range trading likely to persist, ING's FX analyst Chris Turner notes.
ECB fails to move markets
"Late last night, EU leaders managed to secure a EUR90bn loan for Ukraine. The money would be funded from the joint EU budget (excluding Hungary, Slovakia and the Czech Republic) and would not involve frozen Russian assets."
"That is probably the best outcome for the euro in that it does not raise challenges over property rights nor require some imaginative use of emergency legislation. Presumably, it should also add another EUR90bn to the EU's pool of safe faxed income assets – and should find willing buyers."
"EUR/USD is drifting towards the lower end of recent ranges. Yesterday's ECB meeting was not a market mover after all, and the new set of forecasts probably leaves room now for market rates to be priced both higher and lower from here. Let's see if EUR/USD support holds at 1.1680/1700 and option activity drags it back to 1.1750 by 1600CET today."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.