The Greek picture in the numbers

Written February 9, 2012 at 10:55 AM EST by  

Austerity is a fiscal drag. Unemployment 20.9%. Indust prod -11.3% YoY. Retail Sales down. Trade deficit worse. Tax revenues are down.  (click on picture above for PDF). I don’t know what all the excitement is about?

Nevertheless must be disciplined to the technical picture in the pair. The 5 PM close from yesterday was 1.3259. A move below tht level would help. Absent that, the market will do what it has to do and the pair remains supported. What’s the saying???  It’s hard to fight city hall.

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