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EU Morning Report- All eyes on the Greek election

Autore: Written by Easy-Forex for


The euro (EUR) edged higher to 1.2646 from 1.2542. Sentiment in the market improved after G20 officials said that central banks are ready to stabilize financial markets if the Greek election shakes the market. Greeks will be asked to decide whether they want to stay in the euro facing a continuation of the harsh austerity measures. Exit polls will be released after the election ends at 7 p.m in Athens. Credit rating agency Moody’s downgraded a number of Dutch banks citing risks to the economic outlook in Europe.  Angela Merkel said yesterday that if the euro fails then EU will fail and that it is important that political union must be established. But the single currency remains under pressure as Spanish government bond yields surged to their highest euro-era levels raising fears about Spain’s funding ability.

The US dollar (USD) weakened against a basket of currencies as weaker than expected US economic data raised expectations the Federal Reserve could embark on a third round of quantitative easing to support the ailing economy. US Initial Jobless Claims rose for the fifth time in six weeks and inflation fell in May. Yesterday’s data may be a sign that the economic recovery of the world’s largest economy may be losing momentum. Versus the safe haven Japanese yen (JPY), the greenback plummeted to 78.78 from 79.50 after the Bank of Japan refrained from easing its monetary policy. Focus now turns to the US Manufacturing and Index and Industrial Production data.

The British Pound (GBP) rose against the dollar to 1.5563 from 1.5472 after the Bank of England announced the launch of a new banking scheme to boost lending. George Osborne announced the 100 bln plan to help the UK economy and the chancellor said he was working with the BoE governor towards a new firepower. Mervyn King also raised the possibility of a new round of quantitative easing.

Oil edged higher to 84.77 dollars a barrel from 82.03. Gold (XAU) edged higher to 1626.65 dollars an ounce from 1609.88 and against the euro it edged lower to 1285.26 from 1287.81. Silver (XAG) dropped to 28.17 dollars an ounce from 29.09. Stay in tune throughout the day with foreign exchange bullets!


Pivot Preference1 Sentiment2
EURUSD 1.2550 LONG @ 1.2550 40% of deals buy EUR
USDJPY 79.20 SHORT @ 79.20 51% of deals buy USD
GBPUSD 1.5495 LONG @ 1.5495 57% of deals buy GBP
AUDUSD 0.9965 LONG @ 0.9965 74% of deals buy AUD
GOLD 1608.00 LONG @ 1608.00 33% of deals buy GOLD
OIL 83.50 LONG @ 83.50 77% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
Currency Time (GMT) Event Forecast
USD 12:30 Manufacturing Index 13.0
USD 13:15 Industrial Production 0.1%

FTSE 100 -0.31% S&P 500 1.08% NIKKEI 0.02%
DAX -0.23% DJIA 1.24% HIS 1.08%
CAC 0.08% NASDAQ 0.63% CSI 300 -0.39%
3 at the time of writing Please note that Forex trading (OTC Trading) involves substantial risk of loss, and may not be suitable for everyone. In no way is it a recommendation by easy-forex® for you to engage in any trade. The information provided is based on data generated by third party investment research providers. easy-forex® does not assume any liability as to the accuracy of such information. This information shall be used for reference only and it is not binding on easy-forex®. This is not an advertisement or a recommendation in engaging / binding you in any forex transactions.



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