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Greek Economy Shrinks for the Ninth Straight Month

Greek Economy Shrinks for the Ninth Straight Month

Benjamin Spier, Technical Strategist

Germany demands complete silence from the markets while it contemplates allowing the ECB to follow its plan to purchase sovereign debt.

While obviously no such announcement was really made, it surely felt that way while watching the currency markets during the European session thus far. There has yet to be any continuation of the chatter among Euro officials in today’s session about solving the debt crisis, and the only piece of news that significantly moved markets was a Greek GDP release that was better than expected.

The Greek economy shrank 6.2% in 2Q when compared to the same quarter in 2011. This marks the ninth straight quarter of annual decline, but it still beat expectations among Bloomberg surveyed analysts for a 7% decline.

At the same time, Italy reported that it sold 8 billion Euros of 364-day bills at an average yield of 2.767%. The auction was worse than July’s sale which brought a 2.697% yield for the same bill. Germany also sold zero-coupon, six month bills for 3.77 billion Euros today, with a record low -0.0499% yield.

The Euro rose back above 1.2300 against the US Dollar following the Greek GDP release. The pair has been trading in a 3-week upward trend that currently has an upward channel at 1.2545. Resistance could be provided around 1.2359, by a 50% retracement of the July declines.

Tomorrow, Greece is set to sell 3.125 billion Euros worth of 3-month bills. The European Union released a statement today saying that it is not worried about the outcome of the sale.

EURUSD 15-minute: August 13, 2012

Greek_Economy_Shrinks_for_the_Ninth_Straight_Month_body_eurusd_daily_chart.png, Greek Economy Shrinks for the Ninth Straight Month

--- Written by Benjamin Spier, DailyFX Research

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.