Mike Paterson’s daily Forex brief

As EU finance ministers prepare to meet today there is still doubt as to whether the latest bail-out plans will be given the nod this week.

Despite many officials saying it is likely, there has been a statement released on the Finnish government’s website this morning saying that the bailout will get final approval in the week starting 12th March and “The final approval for activating the EFSF guarantees and completing the PSI operation are conditional on the Troika and the Eurogroup deeming the PSI as successful and Greece to have fulfilled its commitments. This assessment and the final approval for the second Greek package are likely to take place in the week beginning March 12th”.

So the farce/drama continues and the news caused a little knock back in the Euro earlier this morning, but it’s since regained its poise with EURUSD around 1.3215 and EURGBP at 0.8332 ( GBPEUR 1.1997), with sellers reported at the pivot resistance of 0.8360 ( 1.1961).

Forex Brief Mon

Forex Update

EURJPY buying as the Yen continues to weaken is still the main trend out there right now and this is adding support to the Euro, for the moment at least.

There’s been little overall change in the Pound but there are sellers of GBPUSD around 1.5900 to cap any sustained rally at the moment.

Little in the way of data today, so it’s all eyes on Brussels from 14:30 GMT.

Yep, I know you’re not really that bothered either. Can someone wake me up though when it’s all over please?

Have a good week.

Agree or disagree? Then please leave a comment in the box below or contact me by e-mail.

Mike ‘Oscar’ Paterson has been in the Forex trenches for nearly three decades working as a senior Spot trader in London at UBS, Chief Dealer FX at the State Bank of Victoria and in charge of Spot CHF at Credit Suisse with a daily turnover in excess of $1.5 billion. Mike now works as an independent consultant providing a fully bespoke service to the corporate and private sectors in physical FX delivery as well as guiding those who wish to improve their currency trading. Mike also presents seminars and workshops and writes for a number of publications.
To contact Mike please call +0044 (0) 1732 700383 or email mike.paterson@economicvoice.com
The views expressed above are those of the author and should not be taken as investment advice. MSP Foreign Exchange Services will have no liability for, or to, any persons executing trades based on the content above.

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