Euro / US Dollar (EUR/USD) : The Greek case tired markets
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02/17/2012 | 02:58am
Opinion : Check out the trading range breakout 1.2887 USD/ 1.3276 USD
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Many uncertainties surround the direction of parity these days, good and bad forecast mingling in Europe while the U.S. data confirm their robustness.
The markets have initially accused the shock by learning the cancellation of the Euro group meeting dedicated to Greece scheduled on 15 of February. Jean-Claude Juncker, leader of European finance ministers, has, however, suggested that the necessary decisions should be taken in Brussels on 20 of February.
The single currency also faces a stream of conflicting reports from the Old Continent. The governor of China's central bank first argued the prices while the institution intends to continue its purchases of euros, but the publication of the rate of Q4 GDP showed a contraction in German economy (-0.2%) and a return to recession in Italy.
In United States, the Federal Reserve minutes showed further divergences between its members about a third wave of asset purchases (Quantitative Easing III). This could eventually not be necessary if economic indicators continue to recover, as the number of weekly jobless claims coming from out near the low point of the last four years, surpassing the expectations of economists.
Technically, having clearly crossed 1.32 USD, parity has encountered resistance to USD 1.3276 before retracing with amplitude. The single currency should now enter a phase of indecision that could cause the creation of a new trading range.
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Rodolphe Steffan
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