Last Friday, the Spanish authorities introduced new taxes to the country’s energy sector. This measure is aimed at reducing the public spending. The legislators expect the new law to reduce the budget deficit by €2.7bn.
According to the Spanish government, the reform is one of the most necessary ones at the moment. The previous government left to the current one over €24bn. Without efficient steps, the debt will grow by €5bn a year.
All the changes to the tax code will be implemented till the end of September.
Forex.
According to , the Euro currency keeps strengthening against the US Dollar.
A further rally of EURUSD will probably encounter resistance around 1.3202 and 1.3246.. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.2810 (as shown below).
