Friday, 9 March 2012

Action Forex

Action Forex

ISDA declares Credit event in Greece; Default is official

Posted: 09 Mar 2012 01:48 PM PST

The International Swaps and Derivatives Association (ISDA) has decided unanimously today to declare that Greek’s bond swap constitutes a “credit event” and that “the right of all holders of the affected Bonds to receive payments has been reduced,” according to release published by the ASDA late Friday. Investors that bought Credit Default Swaps (CDS) on Greek debt will get paid. Nev

Greek debt swap sees 85.8% take-up, ISDA’s decision on CACs looms

Posted: 09 Mar 2012 07:49 AM PST

Various officials have been expressing their satisfaction with the outcome of the Greek debt swap deal which was made known on Friday at 6:00 GMT. The Greek ministry of finance announced it had completed a debt swap with participation at 85.8% vs expectations running as high as 90/95%. “This is an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sust

Greece PSI deal completed: €172 bln bonds swaped, will enact CACs

Posted: 08 Mar 2012 10:47 PM PST

Euro is going through a buy the rumour sell the fact after Greek govt announced it had completed a debt swap with participation at 85.8% vs expectations running as high as 90/95%, although the number stays very much in line with the first initial pre-announcement by Greek offcials at the NY close. Holders of 172 bln euros worth of bonds in total have consented to bond offer vs €206 eligible with Greek official

USDCAD’s fall extends to 0.9892

Posted: 08 Mar 2012 08:52 PM PST

USDCAD's fall from 1.0028 extends to as low as 0.9892. Lengthier sideways movement in a range between 0.9841 and 1.0050 is expected in a couple of days. As long as 1.0050 key resistance holds, the price action in the trading range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and another fall towards 0.9700-0.9800 area is still possible. On the upside, a break above 1.0050 will in
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Thursday, 8 March 2012

Action Forex

Action Forex

Greece to get above 85% on bond acceptance

Posted: 08 Mar 2012 01:51 PM PST

According to Greek official, Greece would get above 85% Greek bond acceptance. Official said despite the information, they must to check all information and official announcement will be release Friday at 6:00 GMT. The above 85% Bonds acceptance is under Greek law and represents 177 billion euros. "Whoever gives percentage rates now is naive," a Greek government official said in a recent interview with Reute

Markets buzz in anticipation of the Greek swap deal

Posted: 08 Mar 2012 05:53 AM PST

European stock markets and the euro are extending gains on Thursday, on the hopes that the Greek debt writedown deal, which is supposed to be finalized by 20:00 GMT, will have a positive outcome. Greek authorities informed that the release of debt swap results is scheduled for 6:00 GMT on Friday, but Greek Finance Minister Evangelos Venizelos might also make an official statement sometime earlier. Although at

USDJPY remains in uptrend from 76.02

Posted: 07 Mar 2012 07:43 PM PST

USDJPY remains in uptrend from 76.02, the price action in the trading range between 80.01 and 81.86 is treated as consolidation of the uptrend. Lengthier sideways movement in the range would likely be seen over the next several days. As long as 80.01 support holds, we'd expect uptrend to resume, and another rise towards 85.00 is still possible after consolidation, and a break above 81.86 could signal resumption
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Wednesday, 7 March 2012

Action Forex

Action Forex

Greek debt swap approaches amid renewed market optimism

Posted: 07 Mar 2012 07:52 AM PST

European markets were trading in the positive territory on Wednesday, as doubts about the Greek debt swap, which is supposed to be finalized by March 8, are slowly dispelling. European Commissioner for Economic and Financial Affairs Olli Rehn expressed his faith today that a sufficient amount of Greece’s creditors would take part in the debt swap. The news caused Spanish and Italian bond yields to decline.

AUDUSD breaks below 1.0596 key support

Posted: 06 Mar 2012 05:44 PM PST

AUDUSD breaks below 1.0596 key support and reaches as low as 1.0507, suggesting that the uptrend form 0.9861 (Dec 15, 2011 low) has completed at 1.0855 already. Further decline is expected after a minor consolidation, and next target would be at 1.0450. Resistance is at 1.0600, as long as this level holds, the downtrend from 1.0855 will continue. Posts Related to AUDUSD breaks below 1.0596 key supportAUDUSD is
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Tuesday, 6 March 2012

Action Forex

Action Forex

IIF warns Greek default might cost Eurozone 1 trillion euros

Posted: 06 Mar 2012 07:45 AM PST

According to a report obtained by Reuters, the Institute of International Finance considers a possible Greek disorderly default as extremely harmful for the Eurozone. In a document from 18 February the banking trade group warned that such an event would result in Italy and Spain seeking external aid in the face of the threat of contagion. They estimated that the damage to the Eurozone would amount to 1 trillion eu

AUDUSD traded in a range between 1.0596 and 1.0855

Posted: 05 Mar 2012 07:41 PM PST

AUDUSD traded in a range between 1.0596 and 1.0855 for several days. As long as 1.0596 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9861, and one more rise towards 1.1080 previous high is still possible. One the downside, a breakdown below 1.0596 will indicate that the rise from 0.9861 has completed at 1.0855 already, then the following downward movement could
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Monday, 5 March 2012

Action Forex

Action Forex

Greece debt swap deadline nears as Spain sets alarming deficit target

Posted: 05 Mar 2012 02:45 PM PST

The European commission was gutted to learn earlier today that Spain budget deficit deviation will be much greater than initially pledged. Brussels sees the deficit target of 5.8% rather than 4.4% agreed as a “serious deviation.” PM Rajoy revealed the stunner target of 5.8% for this year after that last year’s deficit of 8.5%. The stand-off between the European authorities and Spain came just day

Markets concerned with Chinese growth forecast reduction, Greek debt swap complications

Posted: 05 Mar 2012 07:46 AM PST

Investor optimism deteriorated on Monday, following Chinese PM Wen Jiabao ‘s announcement that the growth forecast for China for 2012 had been cut to 7.5%, in comparison with the previously estimated 8.5%. The Premier attributed the reduction to high inflation as well as grim global economic prospects. “Internationally, the road to global economic recovery will be tortuous,” said Wen Jiabao at t

AUDUSD had formed a cycle top at 1.0855

Posted: 04 Mar 2012 06:40 PM PST

AUDUSD had formed a cycle top at 1.0855 on 4-hour chart. Further decline to test 1.0596 key support would likely be seen, a breakdown below this level will indicate that the longer term uptrend from 0.9861 had completed, then the following downward movement could bring price to 0.9500 area. Resistance is at 1.0855, only break above this level could trigger another rise towards 1.1080 previous high. Posts Relat
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Friday, 2 March 2012

Action Forex

Action Forex

EU fiscal pact signed by 25 Member States

Posted: 02 Mar 2012 07:47 AM PST

During the second day of the summit EU officials discussed mainly the way to reconcile budget cuts with the need to boost economic growth in the area. The decision on increasing the European rescue fund however was postponed until the end of March. All EU nations except for the UK and the Czech Republic signed the fiscal pact on Friday. The treaty imposes stricter rules on debts and deficits, which need to be ens

AUDUSD stays above a upward trend line

Posted: 01 Mar 2012 06:42 PM PST

AUDUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0596, the fall from 1.0855 is treated as consolidation of the uptrend. As long as the trend line support holds, uptrend could be expected to resume, and one more rise towards 1.1080 previous high is still possible. Support is at 1.0714, a breakdown below this level will indicate that the rise from 1.0596 is complete, then deeper
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Thursday, 1 March 2012

Action Forex

Action Forex

Greek bailout to be approved after debt swap

Posted: 01 Mar 2012 12:50 PM PST

Following a meeting with euro zone finance ministers in Brussels, Eurogroup President Jean-Claude Juncker said that Greece has taken all the legal action required to secure a second bailout from the euro zone countries, paving the way for the first tranche to be paid out by March 20. However, the Eurogroup said in a statement that the disbursement of the EFSF bonds and final approval of the second bailout package

Eurogropup to make final decision on Greek bailout

Posted: 01 Mar 2012 06:45 AM PST

European markets rose on Wednesday buoyed by the ECB’s refinancing operation, conducted the previous day, which provided 800 European banks with 529.5 billion euros at 1% interest. Now investors are awaiting the Eurogroup meeting which will be held in the afternoon in Brussels. The main topic to be discussed is the Greek rescue plan. Initially, the increase of the ESM, the EU permanent rescue fund, was also
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