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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • 💶 Inflation Rate YoY Final (AUG) Actual: 3% Expected: 3% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 💶 Inflation Rate MoM Final (AUG) Actual: 0.4% Expected: 0.4% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 💶 Core Inflation Rate YoY Final (AUG) Actual: 1.6% Expected: 1.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:💶 Inflation Rate YoY Final (AUG) due at 09:00 GMT (15min) Expected: 3% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:💶 Inflation Rate MoM Final (AUG) due at 09:00 GMT (15min) Expected: 0.4% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:💶 Core Inflation Rate YoY Final (AUG) due at 09:00 GMT (15min) Expected: 1.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/zOjbAQzaP9
  • 🇵🇱 Employment Growth YoY (AUG) Actual: 0.9% Expected: 1.1% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:🇵🇱 Employment Growth YoY (AUG) due at 08:00 GMT (15min) Expected: 1.1% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Ever wonder if there are other chart types that can be used for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/4KR3Lqon9c
Optimism Prevails Following the Meeting of EZ Finance Ministers

Optimism Prevails Following the Meeting of EZ Finance Ministers

Benjamin Spier, Technical Strategist

Finance ministers from across the Euro-zone welcomed the conditionality requirement of the European Central Bank’s bond purchase plan, according to Luxembourg PM Juncker’s report from the ministers’ meeting in Cyprus. This would mean that certain terms would be required for the central bank to buy a struggling country’s debt as a means to drive down the government’s borrowing costs. ECB President Draghi said that we now have a fully effective backstop mechanism, he also said that conditionality is needed for bond purchases, adding that overall he sees reason for optimism.

According to Juncker, Spain was also a topic of discussion at the meeting. He said that Spain’s reform program will be ready by the end of the month. European Commission VP Rehn said that Spain’s fiscal targets are within reach, and restructuring the banks is fully on track.

Additionally, Juncker said that in only a few days we will receive more details about the ESM ratification. That was quickly followed by EFSF CEO Regling saying the ESM will be operation on October 8, thereby confirming earlier comments from other officials.

In relation to Greece, Juncker said that he confirms that you can exclude the option of Greece leaving the Euro. However, a more pessimistic tone was heard from Sweden’s Borg, who said that indications are that Greece’s program is off track. Greece is supposed to deliver its budget cut proposal to the Troika today for review before the next round of bailout payments.

Additionally, the German parliament has invited Draghi to address them about the OMT bond purchasing plan. This follows Draghi’s recent comments about how the ECB is still at odds with the Bundesbank over the program.

In Spain, the public debt rose to 75.9% of the GDP in the second quarter, raising concerns over the country’s deficit targets. In Q1, the public debt only totaled 72% of the GDP. PM Rajoy is currently deciding if to ask for another bailout and/or submit to the conditions of the ECB’s bond purchase program.

In the markets, the risk appetite following yesterday’s QE3 announcement continued today with the optimistic comments following the Euro-zone finance ministers’ meeting. Italy’s 10-year bond yield fell below 5% for the first time since March. EURUSD rose 100 points past the key 1.300 line. Resistance could be provided by 1.3284, by the early May high before the month’s sharp drop-off.

.

EURUSD 1-hour: September 14, 2012

Optimism_Prevails_Following_the_Meeting_of_EZ_Finance_Ministers_body_eurusd_daily_chart.png, Optimism Prevails Following the Meeting of EZ Finance Ministers

--- 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.

DISCLOSURES