FXstreet.com: Fundamental: Fundamental Market View

Sentiment Improves as ECB May Make Concession on Greek Debts

contact@oilngold.com (Oil N' Gold) — Thu, 09 Feb 2012 03:54:34 GMT

Financial markets waxed and waned on Greek bailout fund and the PSI deal. A step closer to the new tranche of funding as the debt-ridden government agreed to cut minimum wage by 20-22%, reduce public service job by 15 000 and lower pensions. The EU/IMF/ECB troika remained scheduled to hold a meeting at 6 pm in Brussels tomorrow to discuss the Greek rescue package. Germany's Deputy Finance Minister Steffen expressed his disappointed in Greece, saying the country had made little progress since

Greek govt coalition talks inconclusive; Troika draft drawn

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 23:56:56 GMT

The Greek govt coalition talks on austerity measures ended past midnight time with no deal, according to sources. Greek political chiefs appear to disagree over pension cuts but seem to have agreed on cutting youth minimum wage by 30+%. Greek Premier crossed the wires saying outstanding issue needs further work, discussion to continue on these iussue, believed as mentioned to be pension reforms. According to the Greek PM press ofice: "The Prime Minister and the political leaders met and

UK Stocks declined for a third consecutive day

info@ozforex.com.au (Oz Forex Foreign Exchange) — Wed, 08 Feb 2012 22:14:54 GMT

Australian Dollar The Australian Dollar has managed to hold on to the majority of its gains in overnight trade following the Shock decision by the RBA to keep the official cash rate on hold on Tuesday. After starting the day around the 1.08 handle against its US Counterpart investors snapped up the higher yielding asset driving it to a late afternoon high of 1.0843, the highest level seen in over six months. As the Australian dollar entered the offshore session however the earlier gains

Greece to face hard cuts - Troika draft

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 22:17:21 GMT

After three days of delays, Greek coalition leaders agreed on a draft deal on austerity measures demanded by the Troika (Monetary Fund, European Union, and European Central Bank) to secure a €130 billion bailout. According to the first copy obtained by Bloomberg, the draft says Greek economy will shrink as much as 5% in 2012 and sees return to growth in 2013. In the Troika draft, Greece's government pledges to cut by 20% the minimum wage while it renews its vow to cut 150,000 jobs through 2015

Delays and splits in the Greek deal

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 17:26:00 GMT

Another round of talks between Greece government and the Trokia and another delay in the decision. Today the salad comes with a pinch of salt: According to Reuters sources, the ECB is still divided on what to contribution the the bank could make in the Greece restructuring sovereign debt program. According to news from Reuters: "-There is no agreement yet. Some people on the Council still oppose this,- said one of the two monetary policy sources, adding that ECB President Mario Draghi had not

Euro Didn't Rally Because of Bernanke

chepurko-a@fxclub.com (Forex Club) — Wed, 08 Feb 2012 16:13:54 GMT

Headlines Ben Bernanke repeats earlier FOMC statement A market short of Euro triggered stops above 1.3250, may proceed to squeeze higher to 1.3385 Europe now seen crying wolf when it comes to a Greek deal Deutsche Bank’s Mayer says Greece has 3 days to avoid default Summary There wasn’t one iota of difference between the Fed’s Jan. 25 FOMC statement and Bernanke’s testimony in front of Congress yesterday. Yet, we’re led to believe that it was something special that was said that caused the US

A self-feeding loop of confusion…

jcrooks@blackswantrading.com (Black Swan Capital) — Wed, 08 Feb 2012 15:02:25 GMT

Quotable “Most attempts to find out what nations really are have suffered from an intrinsic defect: they have been attempts to define the general concept of nationality. People have said that the nation is this or that, apparently believing that all that mattered was to find the right definition; once found, this would be applicable to all nations equally. They have adduced language or territory, written literature, history, form of government or so-called national feeling; and in every case

Curr€ncie$ Watch - American Session

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 13:48:15 GMT

Adam Rosen , CEO at 4xLounge Curr€ncie$ Watch: Daily short videos presented by forex experts who analyze the market at the opening of the trading sessions.

The latest buzz-word is 'game-changer'

ber@rts0forex.com (Rockefeller Treasury Services, Inc.) — Wed, 08 Feb 2012 13:53:31 GMT

Outlook: The latest buzz-word is “game-changer,” and we have more than one. First, according to top analyst Stephen Jen, is the Fed promise to keep rates low for even longer than already stated. The ECB long-term funding, LTRO, is a game-changer and there is more to come at end-Feb. Improved risk sentiment contributes, too. But Jan says worries about the world are real, and there will likely be a time to sell risky assets and EM assets, in particular, later this year. But with QE3, LTRO and

Today's Live Show: EUR and GBP Outlook ahead of ECB and BoE

trader@allthingsforex.com (AllThingsForex) — Wed, 08 Feb 2012 13:17:37 GMT

Forex traders, join the daily All Things Forex broadcast- a live one hour program covering Forex and major economic events, trend developments,research, analysis, ideas, education, live traders forum, interviews with some of the most respected names in the trading world, and much more.. In the broadcast today: EUR and GBP Outlook ahead of ECB and BoE. Ahead of the European Central Bank and the Bank of England interest rate announcements, we focus on the EUR and the GBP and explore the impact

Another delay in Greek debt talks hurts euro

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 11:08:50 GMT

Wednesday saw another delay in the talks held by Greek party leaders who need to reach an agreement on a new round of austerity measures in order to be granted further bailout funds by the Troika. Instead of meeting at 10:00 GMT as previously planned, the officials will gather at 13:00 GMT. The EUR/USD was trading in a 1.3260-80 range when the delay in debt talks was announced. Support was found at 1.3255. Commerzbank analysts observed that the market might not be pricing the fact that even if

Daily Video Briefing

info@fxpro.com (FxPro) — Wed, 08 Feb 2012 10:48:52 GMT

'A Greek default will have little influence in Portugal' - David Song, DailyFX

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 14:18:56 GMT

David Song PROFILE: • Current Job : Currency Strategist for DailyFX. • Career: Graduated from the Zicklin School of Business with a Bachelor of Business Administration degree majoring in finance. View profile at FXstreet.com David Song studied macroeconomic policies under a visiting scholar at the Federal Reserve Bank of St. Louis while attending the Zicklin School of Business at Baruch College, and graduated with a Bachelor of Business Administration degree majoring in

Euro continues to creep higher as Greeks vacillate further

enquiries@worldfirst.com (World First UK Ltd) — Wed, 08 Feb 2012 09:46:31 GMT

Another deadline missed and still no agreement on the Greek debt situation. A meeting planned between interim PM Papademos and other political leaders failed to materialise and was rescheduled for later today. This is now becoming a parody of itself and were it not for the March 20 th line in the sand (a EUR14.4bn bond redemption) this could be dragging on past Christmas. Despite the delays, a comment by a Greek government official that the government was drafting an agreement on the bailout

Still waiting for Greece

info@econometer.org (Econometer.org) — Wed, 08 Feb 2012 09:29:14 GMT

The USD has taken a steady path of recent days, with little move in either direction, reflecting the general malaise in currency markets waiting for an outcome to the Greek debt talks. However, hopes that an agreement will be announced shortly saw the USD lurch lower overnight. The conflicting forces of firming US economic data on the one hand and uncertainties in Greece on the other have left market participants in a bind. The USD has at least purchased some solace from reduced expectations

NBP should stay on hold and it keeps its neutral bias

piet.lammens@kbc.be (KBC Bank) — Wed, 08 Feb 2012 09:27:33 GMT

Headlines: CE markets still supported by global positive sentiment NBP should stay on hold and it keeps its neutral bias Regional forex and fixed-income markets have kept their positive sentiment as macro data from Central Europe flow has been neutral to slightly negative (see today’s releases of Hungary’s trade balance and the Czech unemployment rate), while hopes related to the Greek deal have been generally supportive for regional assets. Today, the NBP interest-rate-setting meeting should

Curr€ncie$ Watch - European Session

forex@fxstreet.com (FXstreet.com) — Wed, 08 Feb 2012 09:08:01 GMT

Adam Narczewski , Director de XTB Hungary Curr€ncie$ Watch: Daily short videos presented by forex experts who analyze the market at the opening of the trading sessions.

Daily Forex Fundamental Overview

info@dukascopy.com (Dukascopy Swiss FX Group) — Wed, 08 Feb 2012 09:04:15 GMT

Fundamental Analysis EUR "The salvation of the country, remaining in the euro, means great sacrifices" - Evangelos Venizelos, Greek finance minister Greece’s government is preparing a final version of an agreement on budget and structural measures required for a 130 billion euro bailout, said a Greek government official. USD "Markets would love to see some certainty, and we don't have any of that at the moment" - Frank Lesh, a futures analyst and broker at FuturePath Trading LLC U.S. stocks

This was also the case for EUR/USD trading

piet.lammens@kbc.be (KBC Bank) — Wed, 08 Feb 2012 08:48:45 GMT

On Tuesday, markets were again ‘desperately’ looking for white smoke from Greece. At first, markets were still in a wait-and-see mode as uncertainty on an agreement weighed with trading mostly driven by technical considerations. This was also the case for EUR/USD trading. However late in the session, a euro short-squeeze trigger a break of the 1.3234 previous high. Yesterday, EUR/USD initially hovered up and down roughly between 1.3090 and 1.3190. During the morning session, there was very

Euro Benefits From Greece Optimism

support@ac-markets.com (Swissquote Bank SA) — Wed, 08 Feb 2012 08:36:06 GMT

Market Brief The euro has rallied strongly over the last 24 hours as speculation mounts that Greece is close to resolving some of the outstanding issues standing in the way of securing further bailout cash. Yesterday afternoon, a Greek government spokesman announced that political leaders had scheduled to meet today and respond to the latest troika proposals by noon; a development which seems to suggest a potential deal has been struck or is very close to being struck. Additionally there

USD/JPY: The yen weakened versus all of its major peers

info@acfx.com (ACFX) — Wed, 08 Feb 2012 08:35:43 GMT

Currencies EUR/USD The euro hit an eight-week high against the dollar on Tuesday, helping lift stocks and commodities on signs a Greek bailout agreement was near, but the rally paused after a key meeting on Greece was postponed by a day. The euro at one point jumped more than 1 percent to a session high of $1.3270, hitting its highest level since December 12. After paring some gains, the euro traded near session highs, up 1 percent on the day. USD/JPY The yen weakened versus all of its major

US: Consumer Credit: Monthly Situation Report

e.economicos@bbva.bancomer.com (BBVA Bancomer) — Wed, 08 Feb 2012 06:58:37 GMT

Total outstanding consumer credit jumped for the second consecutive month, up $19.3bn in December following an increase of $20.4bn in November. Nonrevolving credit grew by $16.5bn, a faster pace compared to the previous month, while revolving credit slowed. Credit from commercial banks increased $18.2bn, mostly on the revolving side, pushing YoY growth into positive territory. Finance and government credit increased $3.8bn and $8.8bn, respectively, while ABS issuer credit declined for the

NZD/USD: Trading the New Zealand Employment Change

forexcrunch@gmail.com (Forex Crunch) — Wed, 08 Feb 2012 06:39:11 GMT

The New Zealand Employment Change indicator is an important leading indicator which often has a significant impact on the markets. Traders and analysts carefully examine employment figures, looking for any trends which could affect NZD/USD. A reading which is better than the market forecast is bullish for the New Zealand dollar. Indicator Background Job creation is one of the most important leading indicators of overall economic activity. The release of the employment change indicator,

Canadian building permits jump 11.1% in Dec

natalie_denne@westpac.co.nz (Westpac Institutional Bank) — Wed, 08 Feb 2012 05:16:07 GMT

Market wrap Risk markets nudged higher. There was speculation during the NY session that an announcement from Greece was imminent, later given credence by officials who said the PM would meet with the three coalition partners and would release a statement on the agreed austerity measures today. This appeared to excite the Greek stockmarket, which closed 2.2% higher, but markets elsewhere were more restrained. The S&P500 is currently 0.3% higher, where the Eurostoxx 50 closed. Those markets

Greece - Deal or No Deal

jeff@synergyfx.com.au (Synergy FX) — Wed, 08 Feb 2012 05:30:24 GMT

The continuous headline trading on the EUR continues. One minute everyone is at the table negotiating and the deal is going to get done and the EUR surges. Then Greece leaves the table over some international lenders over spending cuts. The EUR/USD is now range bound in a tight range between 1.3230 and 1.3270. We are waiting to see if Greece comes back to the table on Wednesday and finishes the $130 Billion dollar 2nd bailout to keep Greece in the European Union.

Market Rises although Greek Deal Still not Confirmed

contact@oilngold.com (Oil N' Gold) — Wed, 08 Feb 2012 04:26:09 GMT

Despite the delay of a meeting between Greece and the IMF/EU/ECB troika due to 'missing paperwork' and the unexpected decline in Germany industrial production, market sentiment was buoyed as a the Greek deal is expected to be finalized soon. Fed Chairman Ben Bernanke reiterated what he said before at the testimony before the Senate Budget Committee signaling the monetary stance has not been changed after the January employment report. Wall Street gained with DJIA and S&P 500 Index rising

AUD rallied to its highest level in six months

info@ozforex.com.au (Oz Forex Foreign Exchange) — Tue, 07 Feb 2012 22:14:35 GMT

Australian Dollar The Australian Dollar rallied to its highest level in six months versus its US Counterpart after the Reserve Bank of Australia surprised markets, keeping the official cash rate unchanged at 4.25 percent. With the majority of commentators expecting a rate cut, the Aussie Dollar rallied hard for much of the afternoon session reaching an eventual high of 1.0822 against its US Counterpart. Reserve Bank Governor Glenn Stevens went further in a statement to say that global

When it comes to Greece and the EMU, where does self-interest lie?

ber@rts0forex.com (Rockefeller Treasury Services, Inc.) — Tue, 07 Feb 2012 13:57:55 GMT

Outlook: It’s curious that reporting of FX-related events does not start and end with identification of the national self-interest. Japanese FinMin Azumi said of FX market intervention that Japan will intervene whenever it sees the national self-interest served. Switzerland is even bolder in saying that the level of the Swiss franc is critical to good economic stewardship, especially the avoidance of deflation. Note that seeking a trade surplus would be considered “bad” (selfish) self-interest

Today's Live Show: Is the USD Finally Bottoming vs. JPY?

trader@allthingsforex.com (AllThingsForex) — Tue, 07 Feb 2012 12:57:33 GMT

Forex traders, join the daily All Things Forex broadcast- a live one hour program covering Forex and major economic events, trend developments,research, analysis, ideas, education, live traders forum, interviews with some of the most respected names in the trading world, and much more.. In the broadcast today: Is the USD Finally Bottoming vs. JPY? In light of the news of a "stealth intervention" by the Japanese Finance Ministry, we take a close look at the yen and ponder if after years of

Euro shows decline amid Greek talks concerns

support@ecpulse.com (ecPulse.com) — Tue, 07 Feb 2012 12:41:17 GMT

The euro showed some decline against majors on concerns Greek political leaders may not reach consensus regarding the further spending cuts needed to receive a second bailout worth 130 billion euros announced in October, thus tumbling into default as early as March as the government has to repay 14.5 billion euros of debt maturing. Yesterday, Papademos and political leaders of three parties agreed to make further budget-cutting measures equal to 1.5% of GDP, yet they will continue talks today

Euro rises on hopes of near Greek resolution

forex@fxstreet.com (FXstreet.com) — Tue, 07 Feb 2012 14:58:38 GMT

The euro was boosted on Tuesday by the news that the Greek government is preparing a final draft of the bailout agreement, which will be presented to the party leaders and discussed at a meeting scheduled for 20:00 GMT. Nevertheless, Jamie Coleman from Forex Live is skeptical about the final outcome of the Greek government's efforts: “There was an agreement that resulted in the first bailout. There have been multiple agreements at each review by the troika to meet new benchmarks. Looks like

Daily Video Briefing

info@fxpro.com (FxPro) — Tue, 07 Feb 2012 11:34:30 GMT

Forex Daily Outlook February 7 2012

forexcrunch@gmail.com (Forex Crunch) — Tue, 07 Feb 2012 10:06:18 GMT

In the US Fed Chairman Bernanke Testifies and Building Permits in Canada are the main events lined up, let’s see what awaits us today. In the US, Ben Bernanke, Federal Reserve Chairman, is due to testify in Washington DC. More in the US, Investor’s Business Daily (IBD) TechnoMetrica Institute of Policy and Politics (TIPP), Economic Optimism is due to rise up from 47.5 on January up to 48.3. Finally in the US, Consumer Credit, indictor of consumer spending and confidence that is predicted

Forex Volume Slows Everywhere But US

info@kathylien.com (Kathylien.com) — Tue, 07 Feb 2012 09:50:44 GMT

This morning, central banks around the world released their latest reports on foreign exchange turnover. These numbers are for October 2011. FX trading volume declined in every part of the world except for the U.S., where it rose to a fresh record high in October. The anomaly in the U.S. may have to do with the improvement in risk appetite in October - stocks rose strongly, which could have made US investors more willing to take on risk. In other parts of the world, trading volumes in the Swiss

Daily Forex Fundamental Overview

info@dukascopy.com (Dukascopy Swiss FX Group) — Tue, 07 Feb 2012 09:37:47 GMT

Fundamental Analysis EUR "There is at least still sufficient demand for goods ‘made in Germany’ to keep the industrial engine running in 2012" - Carsten Brzeski, senior economist at ING Group German factory orders increased more than expected in December as demand from overseas helped the euro zone’s largest economy to weather the debt crisis. Orders rose 1.7 per cent, after declining 4.9 per cent in November, said the Economy Ministry on Monday. USD "You wonder when people are going to look

Why is the Swiss franc so strong?

info@econometer.org (Econometer.org) — Tue, 07 Feb 2012 09:26:20 GMT

All eyes remain focussed on Greek developments today as the country vacillates towards acceptance of further austerity measures in order to gain the Troika’s (EU, IMF, ECB) approval for a second bailout for the country. The stakes are high with a potential disorderly default and Eurozone exit on the cards should no agreement be reached. Against this background market nervousness is intensifying as reflected in the slippage in global equity markets and drop in risk assets in general overnight.

EUR/PLN pair settles below 200 days moving average

piet.lammens@kbc.be (KBC Bank) — Tue, 07 Feb 2012 09:25:38 GMT

Headlines: While Czech economy records huge trade surplus, Hungary’s industry fell in December EUR/PLN pair settles below 200 days moving average Central European currencies saw a mixed trading on Monday. While the koruna and the zloty closed barely changed, Hungarian assets posted some losses. The EUR/HUF cross rate edged about 0.5 percent higher amidst jitters about a new Greek bail-out programme and 10 Y yield rose by nearly 20 basis points. Meanwhile, the EUR/PLN has settled below 200 days

European stock futures are facing losses on Tuesday

info@acfx.com (ACFX) — Tue, 07 Feb 2012 08:54:47 GMT

Currencies EUR/USD declined for a 2nd day before Greek PM Lucas Papademos share out details to the other 3 parties in regards to the details of measures to be held on nation in order to control and solve the debt issue. The euro dropped 0.2% to $1.3107 as of 2:23 p.m. in Tokyo from the close in NY yesterday when it fell 0.2%. It was little changed at 100.56 yen. Japan’s currency weakened 0.2 percent to 76.73 per USD USD/JPY The dollar was little changed against the Japanese yen as traders

Greek deal still a piece of mythology

enquiries@worldfirst.com (World First UK Ltd) — Tue, 07 Feb 2012 08:41:24 GMT

Another deadline passed in Greece yesterday without an agreement and the market must once again take another trip on the interminable merry-go-round of broken promises, incompetent politicians and self-serving rumours. The Greek political class are too scared of losing their jobs to vote through the further austerity measures and the EU/ECB/IMF troika won’t play ball until further efficiencies are found, intransigence thy name is Greece. A meeting between Greek politicians is due today and

RBA Opts To Keep Rates On Hold, Sending AUDUSD Higher

support@ac-markets.com (Swissquote Bank SA) — Tue, 07 Feb 2012 08:33:56 GMT

Market Brief AUDUSD has powered higher overnight as the RBA shocked the market by keeping interest rates on hold at 4.25%. The consensus view was that the Australian central bank would opt to cut rates by 25bps for the third time in a row; but instead, policymakers deemed the current interest rate appropriate for now. It is likely that RBA members wish to allow the effect of the last two cuts to feed through and watch how the financial climate evolves from there before pulling the trigger on