Forex Crunch » Forex News

USD/IDR Reaches 9,050 After Indonesian Rate Cut

Yohay — Sat, 11 Feb 2012 19:03:07 +0000

Bank Indonesia surprised by cutting the interest rate by 0.25% to 5.75%. The background for this move is the small slide of inflation.

USD/IDR closed the week at 9,050, the highest since the beginning of January and higher than the 8,750 to 9,000 range seen in recent weeks.

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EUR/USD Loses Support as Greek Leader Opposes Bailout Deal

Yohay — Fri, 10 Feb 2012 12:19:38 +0000

Greek leader Karatzaferis came out with a harsh statement: “we don’t need the German boot” and said he would vote against the bailout program proposed by the troika.

EUR/USD lost distinct support and other currencies are slammed against the safe haven dollar.

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EUR/USD Feb.10 – Pressured by Sisyphean Greek Negotiations

Yohay — Fri, 10 Feb 2012 11:38:10 +0000

Euro dollar is sliding a bit lower after another late night Greek drama. The level of distrust in Brussels is high: Greece is expected to pass tough austerity and commit to the terms also after the elections before getting any aid. At least the ECB has shown more flexibility to provide some help to Greece, in a smart move by Draghi. Important US figures and a speech by Bernanke close the week. Who will set the tone for the week’s end? Greek troubles or Bernanke’s softness?

Here’s an update on technicals, fundamentals and what’s going on in the markets.

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Draghi Opens Door to Greek Aid by the ECB

Yohay — Thu, 09 Feb 2012 14:34:15 +0000

The president of the of the ECB provided a loop hole to contribute to the Greek bailout. He said in the press conference:

“If the ECB distributes profits to governments, that’s not monetary financing” – there might be a way to provide ECB profits from Greek bonds to Greece – an indirect way of helping the debt struck country.

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ECB Press Conference Live Blog

Yohay — Thu, 09 Feb 2012 13:18:05 +0000

ECB president Mario Draghi left the interest rate unchanged for a second month in a row. In the press conference, Draghi will explain the decision, discuss the LTRO and will likely be “grilled” on the ECB’s contribution to the Greek bailout.

Follow all the updates in the live blog, as Greek news continue to flow and a report about a “done deal” by the FT rocks the markets.

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ECB Leaves Rates Unchanged – All Eyes on Draghi as Euro Pressured

Yohay — Thu, 09 Feb 2012 12:45:32 +0000

The European Central Bank left the benchmark interest rate unchanged at 1.00%. This was widely expected.

Update: Follow the live blog of the ECB Press Conference

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British QE Raised to £325 as Expected – GBP/USD Jumps

Yohay — Thu, 09 Feb 2012 12:03:04 +0000

The British Monetary Policy Committee decided to expand the Asset Purchase Facility by an additional 50 billion pounds to £325, as widely expected.

GBP/USD is jumping after the release, as an expansion of 75 billion pounds was also on the cards.

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British Manufacturing Production Jumps, Trade Balance Deficit Shrinks

Yohay — Thu, 09 Feb 2012 09:31:10 +0000

Manufacturing production in the UK dropped jumped by 1%. Early expectations stood on a rise of 0.3%. Trade balance was expected to remain almost unchanged, with the deficit moving down from 8.6 to 8.5 billion pounds. It squeezed to 7.1 billion.

These are good news. GBP/USD ticks up.

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Greece Already Misses 2012 Targets – Anti Austerity Government Could Emerge

Yohay — Wed, 08 Feb 2012 15:37:12 +0000

A new year brings new disappointments in Greece. The debt struck country expected to see a year over year rise of 8.9% in budget revenue in January.

Instead, tax revenue dropped by 7%, 1 billion euros short of target. The ongoing suffering in Greece could lead to an anti-austerity left wing government.

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EUR/USD Breaks Resistance On Greek Hope, Bernanke’s Gloom

Yohay — Tue, 07 Feb 2012 16:46:49 +0000

Serious progress has been made among Greek politicians in accepting the troika’s demands. In the US, Ben Bernanke refused to cheer the drop in the unemployment rate and found negative aspects to cling to.

Both events sent EUR/USD above the 1.3212 line and is now at the highest levels in 2012. It still has room until the next resistance level.

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