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European Markets Poised To Open Higher

ByAvaTrade
AuthorDavid M. Frank
Published 12/19/2012, 05:45 AM
Updated 02/02/2022, 05:40 AM

European markets look to edge higher as optimism over a potential solution regarding the U.S. Fiscal Cliff encourages investors.

As of right now, the CAC is up 16 points, the FTSE is up 18 points and the DAX ois showing 20 points higher.

On Tuesday, the European markets closed higher as investors are hoping that U.S. Democrats and Republicans will reach a deal to prevent higher taxes and spending cuts. A backup plan by House Speaker Boehner is to extend Bush era tax cuts for the wealthiest earning up to $1 million a year. Both sides continue to negotiate. This plan was quickly shot down by the White House.

Shifting our attention to the EU, the credit ratings agency, Standard & Poors has raised the Greek credit rating by 6 notches. It has been given a “selective default” and a B- rating coupled with a stable outlook. In Italy, former PM Berlusconi has warned Italy might leave the eurozone if the ECB is not given more powers to ensure lower borrowing costs. He has been quoted as “If Germany doesn't accept that the European Central Bank must be a real central bank, if interest rates don't come down, we will be forced to leave the euro and return to our own currency.”

The EUR/USD is trading at 1.3247 and can test 1.3250. The GBP/USD is trading at 1.621 and is trading above the key support at 1.6200.

DISCLOSURE AND DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

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