Forex: EUR/USD clings to 1.3000

FXstreet.com (Córdoba) - After reaching a 5-week high of 1.3026 during the European session, EUR/USD lost momentum and retraced part of its gains weighed by disappointing US data. However, the pair managed to bounce during the American afternoon and is set to close near 1.3000, printing a weekly gain for third time in a row.

EUR/USD is currently trading at 1.2996, still 0.1% above its opening price, and 0.2% higher this week. EUR/USD is also about to finish November with a net gain of 0.3%.

This week, the Eurogroup finally approved a Greek bailout package and Germany's parliament backed it today. Meanwhile in the US, fiscal cliff talks remain in deadlock, weighing on the greenback.

"Now that Greece is 'off the agenda' the FX market might soon turn towards issues which could put pressure on the dollar", says Ulrich Leuchtmann, analyst at Commerzbank. "This applies for the debate about the US fiscal policy and the Fed".

Besides headlines regarding the US 'fiscal cliff' situation, the non-farm payrolls report on Friday will also be in focus ahead of the December Fed Meeting.

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