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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Gold
Mixed
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
GBP/USD
Mixed
USD/JPY
Mixed
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
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/9PYqo6tYdK
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/cuH9YESlr2
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
Extent of Greek Budget Cuts Required by Troika Comes Into Doubt

Extent of Greek Budget Cuts Required by Troika Comes Into Doubt

2012-09-24 11:30:00
Benjamin Spier, Technical Strategist
Share:

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

News & Analysis at your fingertips.