News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.10% Oil - US Crude: -0.24% View the performance of all markets via
  • The US Dollar continues to show tones of reversal as Q3 winds down. Can buyers drive the currency through the Q4 open? Get your #currencies update from @JStanleyFX here:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.20% 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.03% 🇪🇺EUR: 0.02% 🇨🇭CHF: 0.01% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.63%, while traders in EUR/GBP are at opposite extremes with 64.46%. See the summary chart below and full details and charts on DailyFX:
  • 10 out of 11 S&P 500 sectors ended higher on Friday, with half of the companies in the green. Information technology (+1.63%), consumer discretionary (+1.44%), utilities (+1.12%) were among the best performing ones, whereas energy (-0.26%) lagged.
  • The Hang Seng Index (HSI) has likely formed a bullish “AB=CD” pattern, with the “D” point found at around 23,080. A rebound from the “D” point may lead to more gains with an eye at 23,760 and then 24,200.
  • Wall Street Futures Update: Dow Jones (+0.39%) S&P 500 (+0.33%) Nasdaq 100 (+0.30%) [delayed] -BBG
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • #2020election polls continue to show Democratic nominee Joe Biden maintaining a strong lead #Trump Supreme Court nomination may throw a wrench into bipartisan stimulus talks #AUDUSD is trading at former resistance-turned-support. What happens if it breaks?
Greek Economy Shrinks for the Ninth Straight Quarter

Greek Economy Shrinks for the Ninth Straight Quarter

2012-08-13 11:01:00
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 Quarter

--- Written by Benjamin Spier, DailyFX Research

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

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