Daily Archives: February 13, 2012
USD/JPY Analysis
Opened at Y77.55 and headed higher on demand into the Tokyo fix and optimism ahead of the Greek vote which tore EUR/JPY higher, helping the USD to a day’s high of Y77.78. The move was short lived with exporters leading a steady fall back to Y77.57 in another uninspiring trading session for the USD/JPY.
GBP/USD Analysis
Opened around $1.5770 after hitting lows of $1.5730 in NY late Friday. Cable pushed up in early trading to $1.5799 tracking EUR/USD on optimism that the Greek parliament would pass the latest austerity measures.
EUR/USD Analysis
Opened at 1.3185, and headed higher on anticipation that the Sunday vote by the Greek parliament would lead to a passing of austerity measures, thereby opening the door to EU/IMF approval of the 2nd bailout package of E130 bln needed to avoid a Greek default and possible exit from the Eurozone.
Asian Summary
Asian markets opened firmer amid optimism that the Greek parliament would finally approve the austerity bill amid widespread civil unrest in the country. The bill was eventually passed with 199 for and 74 against, with parties promptly expelling those lawmakers that voted against it.