Swiss Trade Balance
Swiss Trade Surplus came in at 1.29B, less than the 2.37B expected and prior reading of 2.42B.
No major market reaction as Eur/Chf trades at 1.4460 andUsd/Chf at 1.0578.
Greece may seek IMF aid, Dow Jones reports
Greek Prime Minister Papandreou may seek aid from the IMF over Easter weekend as a rift between Germany and Greece is gaining strength. The Prime Minister seems to be preparing for the worst as he fears EU members are likely side with Germany regarding aid to Greece.
Euro has fallen across the board on this news.
Eur/Usd has made a new low of 1.3669 and Eur/Jpy 123.19, and both still seemed offered at moment.
3-18 Economic Calendar
Gbp/Usd threatening to break Feb. 26 high
On the strength of better than expected jobless claims change the GBP/USD has escalted to a high of 1.5335, exceeding Feb. 26 high of 1.5322.
In the short term iI would expect a slight correction , possibly down to 1.5300 with the pair still in a bullish mode. If the pair can break clean above 1.5322 (close above) from a daily perspective, this would be further confirmation of a bullish outlook for sterling. The next stop for the pair should be 1.5500.
3-17 Economic Calendar
Portugal’s dos Santos gives positive spin on outlook
Portugal’s Finance Minister Fernando Teixeira dos Santos says Portugal on right track to solve its problems and the country won’t need any help.
This can be viewed as good news for the Eurozone, as Portugal, as well as Italy and Spain, are feared to be the next Greece. Eur/Usd has just bounced off of its lows about 15 points to 1.3671.
Eur/Usd looking bearish going into German ZEW
Eur/Usd has methodically given back gains from March 12 high of 1.3796. Amid fears that Moody may downgrade German, French and Spanish AAA rating Euro has traded down to 1.3640 on March 15th, below its 200 hour M/A, but has not cleanly broke through.
Early in today’s session the pair was trading above the 100 hour M/A of 1.3681, but had met resistance at 1.3699, the 38.2% Fibo. In recent trading it appears to have broken below and now flirts with the 200 hour at 1.3651. Any negative outlook from the German ZEW Economic Sentiment which comes out at 6:00 EST may give the pair the momentum to trade below 1.3640 going into early U.S trading.
3-16 Economic Calendar
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