Russian central bank unexpectedly raised deposit rate to 3.5% from 3.25%; the fourth increase since December.
- The move was forecasted by 9 of 20 economists in a Bloomberg survey.
- Benchmark kept at 8.25%.
- Move was made due to continuing inflation expectations and risk to stable growth.
- Says lower money supply growth in May will contribute to lower inflation in the future.
Swedish finance minister says there can be no talk of extending Greek debt maturities until the country achieves a budget surplus.
EURUSD opens higher but moves down from there
The EURUSD opened higher and moved above the trendline in the daily chart, but the price action has not been supportive. The price is looking to test that trendline in the daily chart with a move below the 1.4277 level having the potential of increasing the disappointment in the upside move.
The next target would be the 1.4254 level which would bring the price back in the channel from Tuesday to Thursday.
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Friday Forex Wrap show May 27 2011
Greg and Shawn will teach the Friday Forex Wrap. Watch the rebroadcast now
EU warns Greece that time is running out for austerity program
USDJPY following the script to the downside
As per the prior post, (CLICK HERE), the USDJPY did not like the housing data. The correction found sellers against he 81.04 level and has moved below the 80.87 and low for the day at 80.81. The next target comes in at the 80.65-69 area where the trendline support is now found on the hourly chart.
Staying below the 80.87 level now keeps the bears in charge. The market will likely feel comfortable with short positions as long as the price can remain below this level.
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