Juncker of Eurogroup is more confident than before regarding the deal on Greece.
Germany and Finland block guarantee aid-mechanism for Greece.
Euro-area face moral hazard over Greek aid-Belgium's Reynders says.
Merkel will recommend a combo of IMF/bilateral aid for Greece.
US initial jobless claims is 442K vs expected 450K and prior 457K.
Spain PM Zapatero says IMF in Greece problem is acceptable.
Brussels - Eurogroup's Juncker says "No meeting over Greece before EU summit."
EU's Barroso says we are still in a very difficult moment.
The EUR/USD remained close to 14 month lows today in Asia as continued fears of a Greek collapse and a Fitch downgrade of Portugal kept investors hesitant to buy the single European currency. The Fitch rating downgrade of Portugal to AA- pushed the Euro down. A divided Euro Zone will begin meetings later in the day that will culminate on Friday. The pair had dropped to new lows just under 1.3290.
EUR/JPY slid off of 123.00 highs to post a 70 pip loss by the London open. The same happened in AUD/JPY, GBP/JPY and CHF/JPY as well. USD/JPY pushed to an almost 3 month high near 92.40, on a weaker yen which in turn helped boost the Japanese Nikkei higher today. New Zealand GDP data came in right in line early in the day, dragging the AUD/NZD to a low near 1.2895.
Late comments out of China concerning fears of sovereign debt issues pretty much stated the obvious, but the markets are decidedly tense due to this as the situation is clearly tenuous. Adding to this the recent reports stating Greece could leave the EU and start a chain reaction of collapsing nations due to sovereign debt has the market on edge, and that is surely not good for the Euro.
No comments:
Post a Comment