Euro Recovered after Selloff as Greece Fear Temporarily Eased Euro was under much pressure last week as CDS on Greece and spread between yield on Greece bond surged on concern of default. Eurostat revised up Greece deficit to 13.6 of GDP last year, up from prior estimate of 12.9% and nearly doubled the figure of 2008. Moody's downgraded Greece’s credit rating one notch to A3, just four grades above junk. Euro dropped to one year low against dollar and record low against Aussie on heavy selling. Nevertheless, the common currency managed to rebound strongly after Greece finally sought to activate the EUR 45b rescue package while EU and IMF are in meeting with the country on the terms of the loans. In spite of the rebound, Euro remains vulnerable to further selloff if CDS and bond yields resume the risk this week, and on risk of any negative news on the Greece situation. Full Report Here... |
USD/CAD Weekly Outlook USD/CAD's down trend resumed last week and edged lower to 0.9929 before recovering. Initial bias remains neutral this week as consolidation from 0.9929 might continue. Nevertheless, upside is expected to be limited well below 1.0214 resistance and bring fall resumption. Break of 0.9929 will target 61.8% projection of 1.1723 to 1.0205 from 1.0779 at 0.9841, which is close to 0.9823 support. On the upside, note that decisive break of 1.0214 resistance is needed to indicate that USD/CAD has bottomed. Otherwise, outlook will remain bearish. Read more... All Technical Outlook Reports | Weekly Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | CADJPY | 94.01 | 90.98 | +303 | +3.22% | | NZDJPY | 67.38 | 65.29 | +209 | +3.10% | | AUDJPY | 87.18 | 85.18 | +200 | +2.29% | | EURCAD | 1.3364 | 1.3670 | -306 | -2.29% | | GBPJPY | 144.46 | 141.58 | +288 | +1.99% | Currency Heat Map Weekly View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | |
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