Eur/usd - page 226
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How long will it take until we see movement again on the EUR/USD.
Not so fast
The "the meeting has been temporarily suspended"
Greek debt talks end early and without a deal
Eurozone finance ministers concluded a meeting Monday night earlier than expected with no apparent agreement over Greece. Earlier, Greece rejected a draft statement being prepared for the meeting. The statement said that Greece would seek a six-month extension to its existing bailout.
Germany Manufacturing Employment Rises In December
Germany's factory employment increased at the end of the year, preliminary figures from Destatis showed Tuesday.
Employment in factories with 50 or more workers was 5.3 million people in December, up 1.1 percent from the corresponding month of the previous year.
The number of hours worked also increased, rising by 4.0 percent from the same month last year to 603 million hours.
Earnings of employees advanced to around EUR 21 billion in December, up 4.2 percent from a year ago.
In the whole year 2014, total employment level in the manufacturing units rose 1.0 percent as compared to 2013.The number of hours worked also climbed 1.0 percent year-on-year to 8.152 billion.
Meanwhile, earnings grew 3.7 percent to EUR 254.9 billion.
greece seeks bridging loan
The drop in the euro after the collapse of the Greece talks (initially one big figure) looked out-sized given the fact that no-one really expected it to be any different. This had much more to do with illiquid markets in the face of the Presidents’ Day holiday in the US. Still, it seems that an agreement was close at one point, only to be snatched away from the table. Both sides appear to agree on some sort of extension of the current program. The eurozone wants this to happen in its current form. Greece wants it to be done with fewer strings attached, so it is ends up being a bridging loan in all but name. Given the need for countries to ratify any deal, then the end of this week is the effective deadline for an agreement to be struck. The euro is likely to be increasingly nervy and volatile as the week progresses.
The euro aside, the other standout overnight was the Aussie. After the ‘surprise’ rate cut earlier this month, there was some hope of more fuel for the fire in the minutes of that meeting which were released overnight. Such hopes failed to materialise, seeing some short-covering on the Aussie as the minutes showed that this was more a cautionary easing on the back deteriorating domestic and international conditions, rather than a start of a more sustained easing cycle. The Aussie has moved back above 0.78, a level which it has not closed above since the easing. Sterling is the main focus early on, with CPI data released at 09:30 GMT. This is seen falling to 0.4% on the headline measure, but perhaps more focus should be on the core measure, which is seen rising once again to 1.4% (from 1.3%). The Bank of England last week stressed that is sees the fall in inflation as temporary, hence the need to focus on the core rate. ZEW data is seen at 10:00 GMT in Germany.
source
EURUSD fell during the course of yesterday session as expected however there is still plenty of support below at 1.1270, next bus stop at 1.1236 and finally the terminal stop at 1.1097. I’m short from 1.1379 and will be scaling out at the pit stops due to the undergoing Greece situation.
German ZEW Economic Sentiment at 53 – slightly below expectations
German economic sentiment advances, but slightly less than expected: 53 points in February. The current situation component beat expectations by jumping to 45.5 points. The all European number rose to 52.7 points.
EUR/USD is marginally lower.
German ZEW Economic Sentiment was expected to enjoy a fourth consecutive month of gains in February, rising from 48.4 points in January to 55.4 now (preview here). The current situation component carried expectations for an advance to 30 points. The all-European number was predicted to advance from 45.2 to 51.3 points.
EUR/USD traded at around 1.1380 towards the publication, rising from the lows.
The German economy is doing well, as we’ve recently learned from the strong growth numbers. The export-oriented economy enjoys the weaker euro.
The ongoing Greek crisis dominates the news, with negotiations continuing in Brussels. Yesterday, talks reached an impasse and EUR/USD fell to lower ground. The ministers remain in Brussels.
In the US, the focus is on the FOMC meeting minutes tomorrow.
source
EUR/USD shoots up on reports that EU blinks first on Greece
French finance minister, Michel Sapin, has said there is a “consensus” with Greece about some of the issues around its bailout program. This is a different tune. Sapin says says that Greece could keep a primary budget surplus of 1.5% for the duration of the program extension. This is a significant concession, and what Greece wanted in the first place. However, the extension of the program seems like a big concession from Greece that wanted it thrown out.
EUR/USD is up to 1.1440. more coming
The primary surplus target was 4.5% in the troika program. Greece asked for 1.5% in order to get breathing space. If this is agreed, the euro-zone finance ministers are certainly “blinking” first.
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price has rebounded from a strong resistance line 1.14400 lets see if it will break the support 1.13800.
Greece Said Poised to Request Six-Month Bailout Extension
Greece may request an extension of its loan agreement for six months, according to a person familiar with the matter, a step that could ease a standoff with creditors over the country’s future financing.
Prime Minister Alexis Tsipras’s government intends to make the request Wednesday, the person told reporters in Brussels, asking not to be named as the deliberations are private. Talks are continuing between Greece and its international creditors on the conditions that would be attached to the extension of the loan accord, the person said.
Greece and euro-area members have been at odds over the formula used to extend the country’s 240 billion-euro ($274 billion) rescue beyond its end of February expiry. Finance-minister level talks broke up on Monday evening in Brussels without another round being scheduled.
“Posturing aside, the differences between the positions of the Greek government and the euro area are not so difficult to bridge,” George Pagoulatos, a professor of European politics and economy at the Athens University of Economics and Business, said by phone. “And both sides share a common interest in preventing the worst.”
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EURUSD initially fell but found enough support at Mondays low at 1.1319 to turn around and close in the green near the high of yesterday session, ultimately squeezing the 1.14 level. The pair is essentially grinding in a sideways move waiting for an agreement on an extension to Greece's bailout package.