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Forex: EUR/USD posts third weekly gain

12/28/2012 2:55:00 PM
Referenced Stocks: (Córdoba) - Despite the fall seen during the second half of the week, the euro is set to close the week in positive territory for third time in a row.

EUR/USD came under pressure amid the lack of progress in US fiscal cliff negotiations and printed a 1-week low of 1.3164 at the beginning of the NY session. However, on a wider view, the pair had a choppy week, seesawing between 1.3164 and 1.3282, but unable to define a strong directional move.

At time of writing, EUR/USD is quoting at the 1.3215/20 area, down 0.1% on the day, but up 0.3% this week. For the week ahead, trading is expected to remain choppy as investors continue to focus on the US budget talk, while thin conditions may persist.