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EU Morning Report - Greece, BoE and FOMC move the markets

Autore: Written by Easy-Forex for Easy-Forex.com




The euro (EUR) recorded gains against most of its major counterparts as positive developments from Greece hit the newswires. Early in the US session, the New Democracy party leader Antonis Samaras was reported to have sworn as Prime Minister. This was well received by market participants, however skepticism still remains on how the new coalition government plans to renegotiate the bailout terms and put Greece back on track. Versus the Australian dollar (AUD), the single currency dropped to 1.2435 from 1.2454.

The US dollar (USD) provided mixed signals versus a basket of currencies following the Federal Open Market Committee (FOMC) statement. The Federal Reserve decided to extend its monetary stimulus via Operation Twist trying to keep the US recovery from stalling. Even though this scenario was expected by investors, there was some disappointment as many anticipated a more aggressive stance towards the economic challenges.

The British pound (GBP) had a very volatile session versus the US dollar, opening at 1.5720, recording a daily high at 1.5777 and a daily low at 1.5650, before it closed at 1.5705. This was on the back of the minutes revealed from the last Monetary Policy Committee (MPC) meeting. Apparently, the Bank of England (BoE) had a split 5-4 voting against additional asset purchase, with the Governor Mervyn King on the minority.

Oil prices plunged to 80.72 from 83.97 dollars a barrel. Gold (XAU) dropped to 1604.28 from 1620.61 US dollars an ounce. Against the euro, gold dived to 1265.04 from 1275.82 euro an ounce. Silver (XAG) down to 28.0035 from 28.4532 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!

Pivot Preference1 Sentiment2
EURUSD 1.2650 LONG @ 1.2650 46% of deals buy EUR
USDJPY 79.30 LONG @ 79.30 24% of deals buy USD
GBPUSD 1.5650 LONG @ 1.5650 51% of deals buy GBP
AUDUSD 1.0140 LONG @ 1.0140 32% of deals buy AUD
GOLD 1615 SHORT @ 1615 65% of deals buy GOLD
OIL 81.60 SHORT @ 81.60 97% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
Currency Time (GMT) Event Forecast
GBP 08:30 Retail Sales y/y in May
2.0 %
USD 12:30 Initial Claims over the past week
380 k
USD 14:00 Existing home sales-units in May
4.57 mil
EUROPE US ASIA3
FTSE 100 0.64% S&P 500 -0.17% NIKKEI 1.00%
DAX 0.45% DJIA -0.10% HIS -0.87%
CAC 0.28% NASDAQ 0.02% CSI 300 -1.44%
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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