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Samaras Confirms Expectations that Greece Needs More Time to Cut Deficit

Samaras Confirms Expectations that Greece Needs More Time to Cut Deficit

Benjamin Spier, Technical Strategist

Market expectations were confirmed when Prime Minister Antonis Samaras told the German newspaper Bild that Greece needs more time to meet budget targets imposed by international lenders. Samaras is expected to request a two year extensions on budget targets during his meetings with Luxembourg’s Juncker later today, and with Germany’s Merkel and France’s Hollande later this week.

Greece’s deficit for 2012 seems to be under control, as the budget deficit for January through July was reported today at 13.2 billion Euros; this beat the 14.8 billion Euro target. Furthermore, Merkel’s allies have released comments over the past few days saying Germany will allow small concessions on Greece’s targets.

Besides for anticipation for the upcoming Samaras meetings, the markets were extremely quiet during the European session. There were no major economic releases from Europe, and Germany sold 6.24 billion Euros of 2-year notes, beating a 5 billion target. Yields for the notes were 0.0%, up from July’s -0.06% yields.

Sterling saw a significant rally over US Dollar during the session, rising 75 points and briefly passing 1.5800. There didn’t seem to be a specific news story that triggered the rally. Over the past three months, there has been a lot of congestion between 1.5500 and 1.5800, and today’s 3-month high above 1.5800 could lead to further retracement of May’s decline. The key 1.5800 level could provide more resistance.

In the North American session, traders will be looking towards the FOMC minutes from their August meeting to give clues on the chances of QE3 and to provide volatility in an otherwise quiet August session.

GBPUSD 15-minute: August 22, 2012

Samaras_Confirms_Expectations_that_Greece_Needs_More_Time_to_Cut_Deficit_body_gbpusd.png, Samaras Confirms Expectations that Greece Needs More Time to Cut Deficit

--- 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.