Forex traders dismissed the strong trade balance data from China over the weekend and sold EUR/USD through the Asian session as Spain disappointed the market by refusing to ask for a financial bailout. It is possible that Spain will wait for October 21st regional elections before requesting financial aid from the EU. Market talk suggests Angela Merkel wishes to include Spanish bailout funds with Greece's next tranche at the same time in a 'huge' financial package. Focus this week will be on the US earnings report where 80 companies traded in S&P500 are expected to publish their reports. Citigorup and Charles Schwap Corp will kick-start the US earnings for S&P500 companies in today's session.
Euro-spiked higher at the time of this writing on EU Rehn comments.
According to the news, EU Rehn confirmed that more time for Greece is being considered. It is important to highlight the market speculations from last Friday which indicated that Greece may receive a 2-year extension to meet its fiscal goals, which may be officially confirmed in this week's EU economic summit.
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