The single currency could rise over 1.26 level versus the greenback during the Asian session after a calm beginning of the week waiting for the ECB's meeting next Thursday by god's will while the expectations are increasing concerning a close ECB's buying bonds plan.

The single currency could find this ability to rise again following the EU parliament member Jean-Paul Gauzes has said about it that it can be by buying bonds up to 3 years on the ECB current readiness according to what its president Draghi has said driving up further the future rates of the European Stocks indexes after a cheered session yesterday while the US market was off because of the labor day in US.

The single currency is still underpinned by the recent successful Spanish auction which could drive its yields down on stronger buying appetite by the investors who are looking for a safe haven and waiting for new action by the ECB to cap these yields from growing up again.

So, the single currency could find it easy to stay again above 1.25 psychological level versus the greenback after the Spanish government sale of 3 months bonds and 6 months bonds had been well- covered driving down the yield of the first to 0.946% from 2.434% in the previous auction and the second to 2.026% from 3.691% from the previous auction and these succeeded auctions came after last week auctions which could drove also down the yield of the 12 month bonds to 3.070% from 3.618% and the yields of the 18 months bonds to  3.335% from 4.242%.while the market is waiting for a final revision by EU of the Spanish banking status as what has been announced by the end of last week before passing the first Euro30 Bln of its Eur100 Bln rescue plan of its banking sector after the ECB has imposed limits of its granted loans by the governmental bonds.

The USD is currently under pressure across the broad with the market sentiment changing from discounting an easing action by the Fed, if the US economy to deteriorate further to such an action from the Fed, if it is not to improve soon as the minutes of the Fed's last meeting in the beginning of this month have shown yesterday to push EURUSD above 1.25 and to help the gold to have a clear breakout of its key resisting level 1640$.

Now, the markets will be waiting for clarifying from the Fed's Chief when he is to speak from Jackson Hole by the end of next week By God's will besides looking into the US economic figures specially what's new about the labor market which always enjoy the Fed's Care as the recent data about it have shown kind improving with the rising of US non-farm payrolls to 163k in July from 64k in June showing light pressure on the Fed to take such awaited easing step of QE3 soon giving support to the greenback and saving it from being under strong constant pressure in the same time.

The British pound is still adding to its gains following the release of UK retail sales of July which rose by 2.8% y/y while the market was waiting for rising by just 1.4% after 2.6% in June. These data could support the British pound after the market has had earlier this week the first UK CPI annual rising since September 2011 when it reached its previous peak at 5.2% to be in last July 2.6% y/y from 2.4% in June and also yesterday we have seen UK ILO unemployment rate (3m/Juln) declining to 8% with negative claimant jobless count by 5.9k while the market was waiting for rising by 6k from only 1k in June reducing the pressure on BOE to add more funds to its purchasing assets program soon.