The OECD urges the eurozone countries to make structural reforms in order to ensure economic growth and to come out of the prolonged economic crisis. According to the OECD’s report published yesterday, the eurozone GDP is expected to grow by 0.2%. However, the experts assume that the strict budget discipline and European banks’ reluctance to credit the economy may lead to further economic shocks in the region. Greece, Spain and Italy are exceptions because they need austerity in order to come out of the debt crisis.
According to the Derivatives Trading Department of , the first hour of today’s European trading session ended with weak sales (stop volume emerged). However, low trading volume looks confusing. The bulls have managed to push the price up to the 1.3350 resistance. If the price consolidates above it, a rally up to 1.3400, will be highly probable. Otherwise, we may see the price declining down to 1.3300.
