EUR/USD
The Euro found support below 1.41 against the dollar during Tuesday and pushed to highs above 1.42 on two occasions, but was unable to sustain the gains and dipped back to consolidate near 1.4150.
There was relief over a decline in Italian bond yields which helped lessen the immediate contagion risk within the Euro-zone
Comments from ECB and European government officials remained under very close scrutiny during the day ahead of Thursday’s EU summit. There were suggestions that a new banking-sector levy could be imposed to help finance a second Greek bailout. German Chancellor Merkel was anxious to downplay expectations and stated that markets should not expect a single and final solution to the Greek crisis at the summit.
There were some hopes that the Administration and Congress were moving closer to an agreement with President Obama endorsing deficit-cutting measures.
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