ACROPOLIS

Greece's 4.8 bln euros extra austerity measures

Greece's new austerity package has opened a rift between private and public sector workers, who agree on the measures to wrench their country out of its debt crisis but clash over who should pay the price.


Pressured by the EU and markets, Greece announced last week a package of 4.8 billion euros ($6.53 billion) in new austerity measures to reach its aim to cut the budget deficit to 8.7 percent of GDP this year.

reuters.com

Yen vs. Euro & Dollar

The yen rises against the dollar and euro, bouncing back from Thursday’s disappointing Japanese economic-growth revision, after Chinese economic data raised investors’ concerns that interest rates would rise.

USD NEWS

we have some ımportant news today

3.30 unemployment claıms

and trade balance for usd

CRUDE OIL

Crude oil prices fell in electronic trading on the New York Mercantile Exchange on Wednesday to continue


Descent from the highest level in eight weeks, the spectrum after a report showed an increase of industry

Sharply in the United States stocks of crude oil

GBP/USD

 

It is more likely to go down to around 1.4930 or lower, and after that, it might have potentially to go up to around 1.5050.


(Current Price: 1.4962)

The pair is still moving sideways.... We are waiting for the wave 4 to start

EURUSD is still in range, what will be the next move ? Check the chart

Japan's closely watched core machinery orders declined in January at a rate that matched analysts' expectations, while the country's wholesale prices rose slightly in February, according to data published Wednesday. Core machinery orders data showed a 3.7% drop in January, the Cabinet Office said. The result matched analysts' average expectations, according to Dow Jones Newswires, but was below a


4.4% forecast drop reported by the Kyodo news agency. Private-sector core machinery orders, which exclude volatile shipping and electric-power orders, are considered a leading indicator of the nation's capital spending. Compared to January 2009, core orders were down 1.1%. However, reports cited the government as saying the indicator was bottoming out. Total orders were also down 3.7% from Decembe

Separately, the Bank of Japan reported Wednesday that the corporate goods price index rose 0.1% in February from the month before, the Bank of Japan reported. Compared to a year earlier, the CGPI measure of wholesale prices was down 1.5%. The results matched expectations as reported by Kyodo. In January, the index had risen 0.3% month-on-month and fallen 2.1% year-on-year.

EURO DOLLAR

Sellers lining up at 1.3620/25 in EUR/USD. Traders say the order book is beginning to be populated by clients looking to sell EUR/US strength in the 1.3620/25 region. Resistance comes in on the charts in the 1.3628 to 1.3636 level, so it looks as though accounts are not playing it particularly greedy this afternoon, trying to hold out for the last pip…

Why does USD/JPY goes down when USD strengthens and vis-versa ?

As for most US currency pairs, it’s pretty straight forward in terms of the price action as a result of the strengthening of the US dollar, i.e., a strengthening US dollar would in turn drive the other currency weaker against the US dollar. So, why does USD/JPY goes down when USD strengthens and vis-versa?

This is actually a natural behavior of the USD/JPY pair. One way to think about the effect of the US dollar on the JPY is to think about risk-trade, ie, risk-trade and risk-aversion.

Let us examine a few basic concepts. Firstly, a large majority of the financial instruments are denominated in the US dollar currency, and Japan provides the cheapest loans. Therefore, when the risk appetite increases, more JPY is sold against the USD so that investors can put this into “riskier” assets such as equities, commodities, et al.
On the other hand, when investors become risk-averse, they quickly want to come out of the riskier assets by selling off their assets and in-turn buy back into JPY, thus strengthening the JPY. For example, a major sell-off in the S&P500 or DJI would send the USD/JPY pair lower.
The same concept applies to the other currencies against the JPY. You may have noticed that any major worldwide risk event sends the JPY stronger against all major currencies.

Papandreou meets Obama

Papandreou and Obama are set to meet behind closed doors in Washington, DC today

Greek Bonds

Last week, Greece introduced new measures to reduce the ballooning budget deficit including pay cuts for public servants and tax hikes, while conducting a successful bond issue to raise €5 million to meet its near-term commitments

Euro under preasure

Europe’s single currency, which has been under mounting pressure as Greece’s debt crisis unravelled, weakened today after the country’s Prime Minister George Papandreou asked US President Barack Obama to assist with fixing Greece’s economic problems by imposing stricter regulations on hedge funds and currency traders. Papandreou said that the situation could lead to another economic downturn and the consequences of a weaker euro would spread far beyond the euro zone, leading to a rising US trade deficit as a result of a weaker euro.

Gold Slips

         Gold prices declined sharply today as the US dollar gained against the euro, pushing down the yellow metal following last week’s rally that saw it climb to seven week highs, supported by a rally in global equity markets that increased investors’ appetite for riskier assets such as precious metals and an improved outlook for the Greek fiscal crisis following a successful bond issue and the introduction of a new economic austerity package.