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EUR/USD Rises as Traders Wait for Decision of German Court

September 11, 2012 by

EUR/USD climbed today as traders wait for the German Constitutional Court to decide whether Germany should participate in the permanent bailout fund. The ruling will occur tomorrow. Yesterday, the currency pair dropped as Greece failed to secure the next portion of the bailout. The troika refused to give the aid and change the conditions on the bailout.

Trade balance was $42.0 billion in July, little changed from the June estimate, whole predictions pointed at $44.2 billion. (Event A on the chart.)

Yesterday, a report on consumer credit was released, showing an unexpected drop by $3.3 billion in July from June. Forecasters predicted an increase by $9.1 billion. The June change was revised from $6.5 billion to $9.8 billion. (Not shown on the chart.)

EUR/USD for 2012-09-11

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