Daily Archives: February 21, 2012
EUR/USD Analysis
Closed Monday’s session at $1.3240, having been pushed up to a high earlier in the day of $1.3277 (from $1.3183 pullback lows in early Europe)on optimism over a Eurogroup Greek debt aid deal.
Crude Oil Analysis
Nymex crude prices were predictably steady yesterday as the market awaited news from the EU/Greece debt deal. April WTI gapped up from Friday’s close to open around $104.35 yesterday and moved higher to $105.78 in thin electronic trading as the Nymex exchange was closed due to the President’s Day holiday in the US.
AUD/USD Analysis
Opened at $1.0755 in Asia but came under early pressure as hedge funds and Asian names sold in the absence of any headlines out of Brussels regarding the debt deal agreement.
USD/JPY Analysis
Opened at Y79.63 in Asia and was jostled about by cross moves as the market hung on any headlines, and fell to Y79.53 as EUR/USD sales on the back of an FT article showing reluctance from some EU states to ratify the deal initially weighed on EUR/JPY.
EUR attempts lift-off as second Greek bailout deal announced
The meeting of European finance ministers dragged on well into the Asian session with a press briefing only announced close to mid-morning. The headline announcement revealed a deal had been struck with a €130 bln bailout package with Greece’s debt/GDP ratio to fall to 121% by 2020.
UBS Morning Adviser Asia
Talks Continue At the time of writing talks were still ongoing between Greece and the Troika. A leaked document highlighted the tensions in negotiations with some of the main structural issues behind the deal revealed.