The European Stability Mechanism (ESM) may finally be signed next Wednesday in Brussels, boosting the market bulls as the DAX 35 Index opened higher at 7420. The hawkish news may drive markets higher in today's session, reflecting in temporary gains in EUR/USD. The gains are unlikely to sustain themselves for the intermediate term, intraday resistance at 1.3040 to cap strong gains in Euro-dollar. The credit rating agencies remain the biggest threat as concerns on the US fiscal cliff mounts as we near the 2013. Immediate focus for today's session will be on GBP pairs and crosses as forex traders anticipate the Public Sector Net Borrowing at 08:30am GMT and CPI data from Canada at 12:30pm GMT.
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