The market gained some momentum during Monday’s sessions after upbeat data from Germany, as the German exports inclined by 2.5% compared with the prior decline of 2.9%, noting that the trade balance showed a surplus of 16.2 billion euro better than expected in Germany.
However, the French president and the German Chancellor made slight progress regarding the new budget rules; however, they provided markets with nothing new and further details were not seen, therefore, the euro remained mixed after the news as markets are still waiting for details on how leaders will solve the debt crisis and how they will apply the new budget rules.
In Europe stocks fell where the DAX lost 0.6% while CAC 40 fell 0.3%, as the worries over the euro zone’s crisis still prompting investors to be more cautious, while the USD declined trading as of this writing around the 81.11, however, the euro is trading around the 1.2744.
The pound inclined on Monday trading around the 1.5435, while the AUD rose slightly to trade around 1.0216 as. However the yen managed to gain after the USD lost some of last week’s strength trading around the 76.84 level.