Euro Shocks &Nbsp Above USD 1.3080; Pays Attention To Euro Area Trade Account.

The euro may fall into a narrow consolidation against the US dollar.

The initial resistance is above 1.3100, followed by the 1.3117-1.3125 area.

The bottom support is 1.3060, then 1.3010.

Greece has continued to make progress in aid.

The International Monetary Fund (IMF) announced on Thursday (March 15th) the approval of Greece's 28 billion euro ($36 billion 700 million) loan scheme as part of its international assistance program.

Some IMF board members were worried that political risks could hamper the implementation of the loan scheme.

The euro zone lacks important economic data in the day, but the US has more economic data.

Therefore, the trend of the euro against the US dollar may still be dominated by technical adjustment and the fluctuation of US dollar.

However, there are still some data and speeches to pay close attention to.

Beijing time 17:00, will announce the total value of Italy's trade account in January, the former value surplus is 1 billion 447 million euros; Beijing time 18:00, will announce the euro area not yet seasonally adjusted trade account in January, the expected deficit is 9 billion euros, the former value surpluses 9 billion 700 million euros; the euro area 1 quarter rose after the trade account, the former value surpluses 7 billion 500 million euros.

In addition, the German finance minister Schauble will hold a press conference at 17:30, or bring clues to the market.

The euro was narrowed against the US dollar in the Asian session on Friday (March 16th), and it closed at 1.3086 points, rising 0.0004 points. The exchange rate yesterday launched a counterattack after the 1.3000 point failed to break, and the highest overnight rebound to 1.3120 in 1.3070.

However, the euro did not keep up, indicating that the rally in the exchange rate still lacks enough momentum.

The monthly report released by the European Central Bank on Thursday reiterated the assessment of the economic situation last week when the interest rate resolution was announced.

The European Central Bank said that the economy will be suppressed in the first half of the year, the growth rate will pick up in the second half of the year, and further improve in 2013. GDP growth depends on the crisis no longer worsening.

The European Central Bank said the euro zone is facing short-term inflation risk.

Worries about the European debt crisis are easing in the near future, but in the long run, the damage to the euro area economy is still profound.

Euro zone countries formally approved the 130 billion euro Greek second round of aid plan on Wednesday, which will help meet the financing needs of the government until 2014.

The IMF Executive Board approved a 28 billion euro loan to Greece on Thursday. Greece can get 1 billion 650 million euros of loans immediately, while Greek finance minister Venizelos expects the Greek economy to grow again in 2013.

In addition, S & P confirmed Greece's rating, and said it expected its rating outlook after Greece completed its bond swap.

Confidence in the market further stabilized, the euro expanded against the dollar rose 1.3117.

But then IMF expressed pessimistic comments on Greece, and the exchange rate fell slightly.

The stable recovery of the US economy also suppressed the rebound rate of non US currencies against the US dollar. The US economy, compared to the euro area and the UK economy, has provided support for the US dollar and weakened the position of the US dollar in financing currency. Moreover, the current market's cooling down on the US Federal Reserve QE3 also plays a good role in supporting the US dollar.