The latest meeting in Berlin has become another instance of shuttle diplomacy. The sides seem to be testing the waters in advance of the decisive summit scheduled for October 2012.
The leaders of the Italian and German governments are trying to reassure the markets by showing unity over the ways of resolving the eurozone crisis. Angela Merkel was impressed by the results of Italian reforms. She assumes Italy is implementing the very reforms needed to come out of the debt crisis.
However, Angela Merkel gave everyone to understand that Germany is not going to retreat when it comes to crucial issues such as allowing the ESM the right to lend money directly to risky eurozone economies. She completely agrees with Mario Draghi that giving the ESM such a license contradicts European agreements. So, the only way to do give such a license is to reform the EU legislation.
Forex.
The chart below, courtesy of the SRP Department of , reflects the current state of affairs in the market of EURUSD. A further rally will probably encounter resistance at 1.2658.
Анализ: Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
