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
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
Extent of Greek Budget Cuts Required by Troika Comes Into Doubt

Extent of Greek Budget Cuts Required by Troika Comes Into Doubt

Benjamin Spier, Technical Strategist

In the near-term, Euro session trading will remain focused on three central topics- Greek budget cuts required by the Troika, the establishment of the joint banking supervisor, and whether or not Italy and Spain will ask the ECB for aid. As updates and comments are released on any of these three topics, the markets will respond according to the importance of the update.

Today’s session has thus far been no different, as the extent of Greece’s budget cut proposal was argued by news reports and officials. The German Der Spiegel Magazine reported that the Greek government needs 20 billion Euros of budget cuts to fulfill its Troika requirement, not 11.5 billion as was reported last week. One German government spokesman declined to comment on the story, and just said that the numbers are not yet known. Meanwhile, German Finance Ministry Spokesman Kotthaus said that the finance gap may be wider than previously assumed.

Regarding the permanent ESM bailout fund, the EU confirmed today that they are discussing ways to leverage the 500 billion Euro fund. Germany’s Kotthaus said that he couldn’t put a headline number on the leverage amount, and private funding could be included to top the rescue fund.

Turning to the possible aid that could be sent to Spain and Italy, Merkel ally and finance spokesman for the CDU Michael Meister said that Germany is losing patience with Spain’s indecision on the matter. Meister called on Spanish PM Rajoy to spell out what the situation is and even said that Rajoy has a communication problem. Meister also said that Germany is open to a full Spanish aid program. In Italy, PM Monti says 2013 will see a return to growth in the country’s economy.

The only piece of news that significantly moved the Euro during the session so far was a lower than expected IFO business climate number. The survey result dropped from August to September, which disappointed analysts expecting to see a more upbeat result.

The Euro declined nearly 50 points against the US Dollar following the German business climate result, testing the key 1.2900 level. Support could be provided at the key level, which is also the 23.6% retracement of the August rally. 1.3000 could provide resistance for the pair.

In the North American session, the Dallas and Chicago activity indexes are the only significant pieces of data scheduled to be released.

EURUSD 1-hour: September 24, 2012

Extent_of_Greek_Budget_Cuts_Required_by_Troika_Comes_Into_Doubt_body_eurusd_daily_chart.png, Extent of Greek Budget Cuts Required by Troika Comes Into Doubt

--- 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