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Daily Fundamental Analysis 26/03/2010 of FXCBS

Discussion in 'Technical Analysis' started by fxcbsar, Mar 26, 2010.

  1. fxcbsar

    fxcbsar New Member

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    Friday March 26 , 2010

    Daily Fundamental Analysis

    The leaders of the euro zone Reached to an agreement in Brussels last night to rescue Athens including assistance from the IMF and bilateral loans from the members of the European zone. According to the agreement, Greece will get loans coordinated partners in the European Union as well as assistance from the International Monetary Fund "in the event of serious difficulties. " Herman van Rumbai - European Council President has hoped that the agreement sends a signal to creditors to confirm that the euro zone will never give up on Greece and that in case of any danger; the other Member States will take similar steps. He also added that the assistance will be through the mechanism of the EU and the International Monetary Fund.

    European Central Bank President Jean-Claude Trichet, who had opposed the use of the Fund, noted he was satisfied with the agreement said he would maintain the responsibilities that must be borne by European governments. Aiding Greece would be conditional on estimates conducted by the European Central Bank and the European Commission, To make sure that the European Union controls the terms of the bailout plan, The decision would collectively to the euro zone to lend Greece.

    The decision has decreased the U.S. dollar today after the optimism of the of European leaders decision to a joint agreement to bailout Greece. The euro rebounded on Friday from its lowest level in ten months against the dollar after the announcement of the agreement and Rose 0.3% against the dollar. On the other hand the dollar index, which measures the value of the greenback against a basket of six major currencies, has rebounded slightly from the highest level in ten months at 82.240 points, after rising sharply in the past few days. The U.S. economy is still showing positive signals and that is supporting the dollar these days and not just the jittery sentiment. The final GDP reading for the past quarter is expected unrevised today at 5.9%. While Michigan confidence which is expected with a slight upside revision is still down from February which might slightly affect the market.


    Senior Analyst / Ali Hasan /FXCBS

    http://www.fxcbs.com/newsletter/daily-fundamental-analysis.html

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