forexsq - The euro was steady on Monday as traders awaited clarity on when Spain would request a bailout, with little scope of solid news at an European Union summit later this week.
That is likely to check any substantial gains in the euro in the near term. Expectations that the single currency would rally once Spain seeks a rescue package, however, keeping investors from betting against it.
The euro was flat at $1.2945, recovering from a low of $1.2891 on buying by real money investors. Uncertainty about when Madrid would seek financial aid has kept the euro trapped in a range roughly between $1.2800 and $1.3100 since mid-September with option structures below $1.2800 cited.
Euro zone officials said Spain could ask for financial aid from the euro zone next month and if it does the request would likely be dealt with alongside a revised loan programme for Greece and a bailout for Cyprus in one big package. forex
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