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2012-11-05 02:12 GMT
Greece to present new austerity package today
FXstreet.com (Barcelona) - The Greece government, still in despair trying to find new ways to cut public spending, will present a new austerity proposal to parliament on Monday.
In the proposal, it will be key to win enough acceptance if the country is to comply with the Troika requirements and not put at risk a still 'doubtful' next aid tranche worth over EUR 31.5 billion.
The country faces a new week with tensions in the street escalating fast, with plans of strikes and protests. A 2-day strike against the next austerity bill is expected on Tuesday, with marches through Athens' city centre taking place.
Greek parliament will be voting on an austerity package mounting 13.5 billion euros, mainly aimed at tax hikes and more flexibility for firms to enroll people on temporary labour contracts and make them redundant.
"These will be the last cuts in wages and pensions," Samaras said on Sunday, cited by Reuters. "We promised to avert the country's exit from the euro and this is what we are doing. We have given absolute priority to this because if we do not achieve this everything else will be meaningless" Samaras added.
As Richard Lee, FXstreet contributor, notes: "A dead vote on the austerity measure would place significant pressure on the single currency, as a delay of disbursement by the EU’s Troika could technically place Greece in a sovereign default. Greek benchmark 10-year bonds are reflective of the sentiment, with the yield rising a little over 40 basis point to 18.18% in the last two days."
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N/A
All. G20 Meeting
2012-11-05 09:28 GMT
United Kingdom. Markit Services PMI
2012-11-05 09:30 GMT
European Monetary Union. Sentix Investor Confidence
2012-11-05 15:30 GMT
United States ISM Non-Manufacturing PMI
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2012-11-05 05:14 GMT
Short EUR/USD, target around 1.26 - Saxo Bank
2012-11-05 04:50 GMT
GBP/USD holding above 1.60 on low volatility
2012-11-05 03:12 GMT
EUR/AUD gaping below 1.2400
2012-11-05 01:30 GMT
USD/JPY capped below 80.50
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EURUSD
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HIGH
1.28393
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LOW
1.28159
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BID
1.28305
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ASK
1.28310
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CHANGE
-0.06%
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TIME
08:46:31
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Long direction: Market formed fresh low today and currently deviates from its initial downtrend formation. Next resistance level ahead is seen at 1.2844 (R1), break here is required to enable next target at 1.2868 (R2) and any further rise would then be limited to 1.2892 (R3).
Short direction: Market sentiment is negative on EURUSD as of Friday sharp fall. If EURUSD gains momentum today and overcome our next support level at 1.2814 (S1), we suggest next targets at 1.2791 (S2) and 1.2767 (S3).
Resistance Levels: 1.2844, 1.2868, 1.2892
Support Levels: 1.2814, 1.2791, 1.2767
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GBPUSD
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HIGH
1.60358
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LOW
1.60085
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BID
1.60288
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ASK
1.60296
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CHANGE
0.04%
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TIME
08:46:32
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Long direction: If we take a look on the hourly chart we can see that medium-term bias is clearly negative however today instrument intend to provide retracement formation. Break above the next resistance level at 1.6039 (R1) would suggest next targets at 1.6054 (R2) and 1.6070 (R3) in potential.
Short direction: Fresh low, formed on Friday is our key point for today. Next support level lie at 1.6007 (S1), below here opens the road towards to next targets at 1.5993 (S2) and 1.5978 (S3).
Resistance Levels: 1.6039, 1.6054, 1.6070
Support Levels: 1.6007, 1.5993, 1.5978
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USDJPY
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HIGH
80.562
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LOW
80.337
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BID
80.353
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ASK
80.357
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CHANGE
-0.15%
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TIME
08:46:33
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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Long direction: Technically, medium term tendency on USDJPY is positive and current pull back might be considered as a correction. If USDJPY gains momentum and rose above the resistance at 80.47 (R1) we expect next targets at 80.55 (R2) and 80.63 (R3).
Short direction: Both moving averages is acting now as dynamic resistance levels and while price is quoted below them we expect further market decline. Downside direction is limited by next support level at 80.31 (S1), price decrease below it would be targeting next supports at 80.24 (S2) and 80.15 (S3).
Resistance Levels: 80.47, 80.55, 80.63
Support Levels: 80.31, 80.24, 80.15
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MARKET INFORMATION AND OPINIONS: Any information provided by FXCC
on this newsletter, including but not limited to news, research, opinions, analyses
and prices, is provided as commentary on the Forex market generally -- in other
words, it is not, and should not be considered as, investment advice. Consequently,
FXCC shall not be liable for any loss or damage, including but not limited to loss
of profits, which arises directly or indirectly from reliance upon or use of information
contained on this newsletter.
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investing. Seek independent advice if necessary.
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