[Branch closed!] EURUSD - Trends, Forecasts and Consequences (Episode 4) - page 109
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is this the cipher of the news for the week ? )))) by Gann probably )))
It's a classic, today's situation...
The fundamental events of the week are not few, I do not make forecasts, I work with the market by the fact...
before the bull, the bear will do the dirty work)
Credit Agricole analysts believe the outlook for the single currency against the US dollar will be negative this week. The main reason for their bearish sentiment is unabated fears over problems in the eurozone's peripheral economies.
According to the bank, EUR/USD pair managed to slightly recover last week, although investors still lack confidence in the region's future. Strategists stressed that the euro rose not due to any positive news, but as a result of the absence of new adverse events.
While there are factors that could boost the European currency, particularly expectations of an ECB rate hike, investors should be extremely cautious, warned Credit Agricole. Analysts expect European policymakers to continue urging Greece to step up economic tightening measures ahead of a new tranche of loans from the EU and IMF.
$1.4350 stops
$1.4340/45 high volume of bids
$1.4325/35 New York Friday high/Monday Asian high
$1.4317 technical level
$1.4310 stops
$1.4295/305 moderate volume of bids
$1.4292 recovery high from $1.4157
$1.4285 ***current rate
$1.4257 European low (Asian - $1.4262)
$1.4245/40 moderate bid volume/stops
$1.4220/15 $1.4219 technical level/$1.4217 New York Friday low/ moderate bid volume
$1.4200 moderate bid volume
$1.4185/80 high bid volume/$1.4183 Friday low
$1.4150/45 moderate bid volume
$1.4125/20 moderate bid volume
"The pace of the dollar's fall on Friday was excessive, so investors are now buying the currency back," said Sumino Kamei, lead currency market strategist at Bank of Tokyo-Mitsubishi UFJ.
"Given the fact that the British and US markets are closed today, we don't expect any sharp moves, but the market will remain sensitive to any commentary on EU debt problems, especially Greece," Kamei added.
The Greek government has unveiled a new, even tougher plan to cut public spending, causing a new wave of indignation among its citizens. All previous attempts by Athens to reduce its budget deficit have been deemed insufficient by its creditors.
Greece will most likely need more money to supplement the €110 billion that the International Monetary Fund and neighbouring countries provided last year. In order to receive further loans, the authorities will have to cut staff, salaries and pensions again.
Such prospects led to the largest protest action in recent days, with tens of thousands of people gathering in central squares in Athens. Characteristically, this time the strikes were not organised by trade unions, as was the case before. People have taken the initiative to take to the streets of the city to protest.
"I am unemployed and now I realise that nobody wants all our diplomas. That's why we took to the streets," says protester Irene. - What is happening is unfair. We are paying for the mistakes of the last government. It is not our fault. We believe that if we unite we can help society to change and the authorities will have to listen.
And this is the solution to the problem with Greece ???
No matter how much worse it gets !!!
German Chancellor Angela Merkel has issued harsh criticism of Greece, Spain and Portugal. In her view, citizens in these EU countries are working too little and resting too much.
"This is about making sure that people in Greece, Spain and Portugal do not retire earlier than German citizens," Merkel said.
"We can't just be in solidarity and say that these countries have to do things the old way. We cannot have one currency with some people having many days off and some having few days off. It can't go on like this for long," the chancellor was quoted as saying by the DPA news agency.
Greece has the highest level of public debt in relation to GDP. On top of that are huge budget deficits. All of this is the result of an inefficient economy and large social obligations.
article from 18.03.2010 /gazeta.ru
Angela Merkel does not rule out the possibility that a number of debtor countries may leave the EU due to violations of the Union's rules. It is an element of political pressure on Greece, which found itself in the budget crisis, but Germany will have to help its poorer neighbours all the same, experts say.
In Europe, a mechanism has to be developed to exclude from the Eurozone countries that violate the fiscal rules of the union. Such a proposal was made by German Chancellor Angela Merkel on Wednesday, reports AFP. It is the first such statement from such high-profile figures. However, Merkel stressed that the measure should only be applied if absolutely necessary, in particular when eurozone countries constantly fail to cope with fiscal rules. In addition, the FRG chancellor spoke out against giving quick help to Greece in its budget crisis: the EU is not going to leave anyone in the lurch, but Greece must fully implement its austerity programme. For his part, Greek Prime Minister Yiorgos Papandreou assured on Wednesday that his country would not abandon the single European currency. " The possibility of (Greece) exiting the eurozone is zero," Papandreou said after a bilateral meeting in Brussels with European Commission President Jose Manuel Barroso.
According to experts, the expulsion of Greece and other countries violating the norms of the eurozone, in particular Ireland and Portugal, is virtually unrealistic in the current situation and under the current rules. If such an event were to happen, it would hit the European monetary system and the European economy as a whole hard.