Market Overview

ForexLive Asian Wrap Wed. 21 Nov 2012: Deal or No Deal?

 

 

 

 

 

 

 

 

We spent nearly the entire session waiting for the results of the Eurogroup/IMF meeting on Greek debt in Brussels. No agreement was reached - they meet again on Monday Nov. 26.

Juncker:

Technical work still needed on Greek Program
Identified ‘credible' ideas to bring down greek debt
Greece has made ‘considerable efforts'

Lagarde:

Gaps have closed, progress made, but more work needed


Link to full text of statement from Eurogroup President Jean-Claude Juncker (its very brief, pdf)

EUR had a range-bound day leading into the announcement of another meeting, 1.2803-1.2820, dipping below 1.2800 just prior to the statement; then after a headfake spike to 1.2822 traded steadily lower to 1.2736 before stabilizing.

AUD, NZD & GBP all traded lower with the EUR/USD on the announcement after range-bound days also.

Earlier in the day, USD/JPY was a strong gainer as the weak Yen trend continued, as high as 81.97.

Data/info releases today:

Westpac/Melbourne Institute Leading Index for Sept. +0.7%(vs. +0.5% previously)
Japanese Adjusted Merch. Trade -Y624.3B (Prior was -Y959.1B, revised from -Y980.3B)
New Zealand Credit Card Spending down 0.9% YoY (vs. +1.5% prior)
Conference Board LEI for China, October +1.5% (vs. +0.3% prior)

 

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets Trading Ideas

 

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