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2012-12-02 23:07 GMT
Merkel no longer discards losses on Greek debt
Weekend headlines suggest German Chancellor Angela Merkel may be re-thinking its stance over future Greece's debt haircuts, after she said on Sunday this is an option to consider, although not until the ongoing rescue program shows Greece's budget turned into a surplus.
Since last Tuesday's deal to ease the mammoth-size debt burden that the Greek government suffers, so that its debt to GDP ratio can come down to 126.6% or thereabouts by 2020, Germany's posture on write-downs of Greek debt has been firm, saying that it would be illegal to pursue such scenario.
The majority of German Chancellor Angela Merkel's center-right coalition members as well as the main opposition parties supported the Greek deal. This outcome has positive implications for Merkel herself, as the vote was also a test of her lawmaker's support for her European policies, ahead of the federal elections scheduled for September 2013.
During the debate preceding the vote German Finance Minister Wolfgang Schaeuble expressed his satisfaction with Greece's austerity efforts and emphasized that the speculation on another haircut on Greek debt could destabilize the situation in the Eurozone further. - FXstreet.com
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2012-12-03 13:58 GMT
United States. Markit Manufacturing PMI (Nov)
2012-12-03 14:00 GMT
United States. ISM Prices Paid (Nov)
2012-12-03 15:00 GMT
United States. Construction Spending (MoM) (Oct)
2012-12-03 15:00 GMT
United States. ISM Manufacturing PMI (Nov)
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2012-12-03 04:37 GMT
EUR/GBP firm above 0.8100
2012-12-03 00:02 GMT
USD/JPY capped below 82.50
2012-12-03 01:25 GMT
EUR/USD should advance towards 1.3140 - BBH
2012-12-03 00:47 GMT
AUD/USD breaks through 1.04 on disappointing Australian data
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EURUSD
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HIGH
1.30471
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LOW
1.29845
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BID
1.30309
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ASK
1.30316
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CHANGE
0.35%
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TIME
08:14:27
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OUTLOOK SUMMARY
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Bullish
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MARKET ANALYSIS - Intraday Analysis
Price action looks mainly consolidative on the hourly chart. Our next resistance stays at 1.3042 (R1). Market expansion towards to next targets at 1.3055 (R2) and 1.3075 (R3) looks reasonable if the price manages to overcome it.
Resistance Levels: 1.3042, 1.3055, 1.3075
Support Levels: 1.2968, 1.2958, 1.2938
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GBPUSD
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HIGH
1.60476
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LOW
1.60129
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BID
1.60304
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ASK
1.60313
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CHANGE
0.15%
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TIME
08:14:28
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OUTLOOK SUMMARY
Sideway
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TREND CONDITION
Neutral
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Bearish
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The instrument does not seem to have momentum to identify clear direction. Protective measures for the upside development is seen at 1.6058 (R1). Break here would suggest next intraday targets at 1.6067 (R2) and 1.6077 (R3).
Resistance Levels: 1.6058, 1.6067, 1.6077
Support Levels: 1.6020, 1.6011, 1.5999
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USDJPY
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HIGH
82.502
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LOW
82.266
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BID
82.342
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ASK
82.348
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CHANGE
-0.15%
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TIME
08:14:29
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OUTLOOK SUMMARY
Sideway
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TREND CONDITION
Neutral
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Bullish
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Instrument moves in range mode. In terms of technical levels next resistance level could be found at 82.74 (R1). Appreciation above it might enable next targets at 82.84 (R2) and 81.68 (R3) in potential.
Resistance Levels: 82.74, 82.84, 82.99
Support Levels: 82.04, 81.90, 81.68
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