Forex day trading DAILY MARKET COMMENTARY
27 January 2010 Wednesday London desk closing. Fundamental Outlook at 1500 GMT (EDT + 0500) € Forex day trading Euro The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4020 level and was capped around the $1.4095 level. The common currency moved lower following talk that Greece was looking to China to purchase as much as €25 billion in debt, a couple of days after Greece raised €8 billion in a sovereign bond offering to refinance its mountain of fiscal debt. Credit market spreads reacted negatively to the Greece news – later denied by Beijing and Athens – and this story was negative for the euro because it could render it more difficult for Greece to return to the capital markets during a year when it is estimated the country will need to raise upwards of €50 billion. Additionally, any negative perception about eurozone credit spreads could make it difficult for Portugal, Ireland, and other countries to raise capital this year if necessary. European Union's Juncker said there is "no risk" of a sovereign bankruptcy in Greece. Data released in the eurozone today saw the French December jobless rate off 18,700 at 2.61 million while Germnan consumer prices were off more-than-expected in some German states this month. ECB member Weber said Greece and other governments must address large budget deficits "head-on" and said the ECB will only "gradually" phase our its special liquidity provision programs this year. In U.S. news, traders will pay very close attention to the Federal Reserve's interest rate decision today. The Fed is expected to keep interest rates unchanged but there is intense chatter t [...]Forex trading - live day trading course and currency trade room.
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