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2012-11-05 23:35 GMT
Greece submits austerity bill to parliament; narrow win expected
The Greece government submitted on Monday the €13.5bn austerity bill to parliament. Now the next step is to vote for it, first to be considered by parliamentary committees on Tuesday and a full vote on Wednesday.
Despite there has been some defectors the ruling coalition, expectations are pointing for a narrow win, thought to be enough to not jeopardize the next aid tranche worth over EUR 31.5 billion.
According to James Coleman, Founder at Forexlive: "A failure to pass the austerity law would send the entire bailout process into chaos and rise the prospect of Greece defaulting later this month. A much weaker euro would result."
As the Guardian UK notes: "Democratic Left, the junior partner in the coalition, tells us it will abstain on the vote and predicts a narrow win for Antonis Samaras's government."
A Reuters report raised concerns earlier on Monday, after it suggested that eurozone leaders will hold out any decision on the next disbursement to Greece until the last minute, that is, the next November 12 EU official meeting may yet again disappoint on this front as no guarantee of a decision seems in sight.- FXstreet.com
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N/A
United Kingdom. 10-y Bond Auction
2012-11-06 08:58 GMT
European Monetary Union.
Markit Services PMI
2012-11-06 10:00 GMT
European Monetary Union.
Producer Price Index
2012-11-06 20:00 GMT
New Zealand.
RBNZ Financial Stability Report
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2012-11-06 05:09 GMT
USD/JPY drags down to 80.00
2012-11-06 05:02 GMT
AUD/USD wins +1.04 battle; scope for further gains
2012-11-06 04:24 GMT
AUD/NZD penetrates into new 1.2580-1.2670 range
2012-11-06 04:23 GMT
GBP/AUD dip stalls ahead of 50% Fibo
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EURUSD
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HIGH
1.28032
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LOW
1.27818
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BID
1.27886
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ASK
1.27892
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CHANGE
-0.05%
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TIME
08:09:24
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Long direction: EURUSD refreshed its low yesterday and currently deviates from its initial downtrend formation. Next resistance is seen at 1.2807 (R1). Break here is required to enable bullish power with next possible targets at 1.2837 (R2) and 1.2868 (R3).
Short direction: Pair has settled negative bias on the hourly timeframe and decline below the support level at 1.2767 (S1) would suggest further downtrend development with possible targets at 1.2740 (S2) and 1.2711 (S3).
Resistance Levels: 1.2807, 1.2837, 1.2868
Support Levels: 1.2767, 1.2740, 1.2711
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GBPUSD
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HIGH
1.59908
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LOW
1.59709
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BID
1.59852
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ASK
1.59857
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CHANGE
0.04%
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TIME
08:09:25
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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Long direction: Downside formation remains in power however today we expect to see attack to our resistance levels. Upwards penetration is limited by next resistance level at 1.6009 (R1) today. Surpassing of this level would suggest next targets at 1.6029 (R2) and 1.6048 (R3) in potential.
Short direction: Medium term market sentiment remains negative for GBPUSD. If the pair gains momentum on the downside today and overcome our next support level at 1.5970 (S1), we suggest next targets at 1.5951 (S2) and 1.5932 (S3).
Resistance Levels: 1.6009, 1.6029, 1.6048
Support Levels: 1.5970, 1.5951, 1.5932
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USDJPY
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HIGH
80.298
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LOW
79.962
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BID
80.019
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ASK
80.022
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CHANGE
-0.34%
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TIME
08:09:26
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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
Medium
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Long direction: Market corrected from previous week gains and looks set to establish upwards development on the longer term. Our next resistance is placed at 80.13 (R1). Rise above it might push price towards to next targets at 80.26 (R2) and 80.39 (R3) intradayShort direction: Current market depreciation has determined negative market sentiment for the remaining of the day. Risk of further market depreciation is seen below the next support level at 79.95 (S1). Loss here would suggest intraday targets at 79.83 (S2) and 79.70 (S3).
Resistance Levels: 80.13, 80.26, 80.39
Support Levels: 79.95, 79.83, 79.70
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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.
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs) is highly speculative
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Forex and CFDs may not be suitable for all investors. Only invest with money you
can afford to lose. Please ensure you fully understand the risks involved before
investing. Seek independent advice if necessary.
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