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