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2012-11-11 22:57 GMT
Greece passes 2013 budget bill
After holding a vote on its 2013 national budget, the Greek government has passed the bill, one that includes additional cuts touching the most controversial areas of pensions, salaries and benefits. The reaction by the markets has been very subdued, with Euro ticking marginally higher.
At present, worries are far greater on the prospects of Greece facing a default scenario this week, something that renowned papers like the Financial Times highlight on its front-cover.
Greece should find a way to raise as much as €5bn in order to avoid default in a coupon of debt maturity, with the Troika and European paymasters, including Germany, still stuck in an impasse as to how to ease the country's debt burden, and with authorities still in disagreement over providing Greece the next aid tranche worth over €31.5 billion.
For the short term, the Financial Times reports in a weekend article that "the country’s debt management office has announced plans to cover the full amount through a treasury bill auction on Tuesday, but Greek banks expected to buy the issue can only raise about €3.5bn of collateral acceptable to the ECB, according to two senior Athens bankers" the paper reports.
It is thought that in case of a shortfall in the capital raised, Greece will have to tap funds from a reserve for bank recapitalisation held by the Hellenic Financial Stability Fund, worth over €3 billion, as option of last resort-FXstreet.com
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N/A
European Monetary Union. Eurogrup meeting
2012-11-12 06:00 GMT
Japan. Machine Tool Orders
2012-11-12 21:45 GMT
New Zealand. Food Price Index
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2012-11-12 05:15 GMT
GBP/USD stands at 1.59, above 200 DMA
2012-11-12 05:15 GMT
EUR/GBP waiting for Eurogroup Meeting, flat at 0.8 round
2012-11-12 04:12 GMT
USD/JPY may test 79.70-80.00 - BBH
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EURUSD
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HIGH
1.27365
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LOW
1.27095
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BID
1.27289
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ASK
1.27294
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CHANGE
0.15%
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TIME
08:19:31
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Long direction: Fresh cross of moving averages might be a signal of possible correction ahead. Next resistance level is in focus at 1.2740 (R1). Rise above it would then be targeting to 1.2769 (R2) and 1.2797 (R3) in perspective.
Short direction: Though, EURUSD might spend most of the day in a narrow range amid limited tier-one data flow. Our downside targets at 1.2679 (S2) and 1.2648 (S3) might expose if the downside extension below the support level at 1.2708 (S1) occur later on today
Resistance Levels: 1.2740, 1.2769, 1.2797
Support Levels: 1.2708, 1.2679, 1.2648
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GBPUSD
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HIGH
1.59124
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LOW
1.5891
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BID
1.59099
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ASK
1.59102
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CHANGE
0.11%
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TIME
08:19:32
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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Long direction: The low from 08-11-2012 at 1.5928 (S1) is acting now as key resistance level for upside formation. If the price manages to break it, we expect retracement development with next targets in focus 1.5955 (R2) and 1.5982 (R3).
Short direction: Risks of further depreciation is seen below the support at 1.5886 (S1). Break through here might take the pair towards to eventual targets located at 1.5861 (S2) and 1.5836 (S3) in potential.
Resistance Levels: 1.5928, 1.5955, 1.5982
Support Levels: 1.5886, 1.5861, 1.5836
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USDJPY
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HIGH
79.563
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LOW
79.401
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BID
79.480
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ASK
79.483
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CHANGE
0.02%
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TIME
08:19:33
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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Long direction: Instrument trades in narrow range on the short term perspective. Clearance of next resistance level 79.57 (R1) might determine positive bias for the day and suggest next targets at 79.68 (R2) and 79.79 (R3).
Short direction: On the longer term, tendency on USDJPY remains negative and current stabilization might be considered as a part of correction. If the market manage to break next support level at 79.35 (S1), we expect exposure of targets at 79.25 (S2) and 79.15 (S3) in potential.
Resistance Levels: 79.57, 79.68, 79.79
Support Levels: 79.35, 79.25, 79.15
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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
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contained on this newsletter.
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs) is highly speculative
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