Easy Forex Puts Perspective Under Fears of Greece’s Future

The euro plummeted yesterday as fears over Greece’s debt crisis intensified. The Greek Prime Minister, George Papandreou, offered to step down and proposed a unity government while protests in Athens against austerity measures continue. Easy Forex report that against the dollar, the euro shed 2.4% breaking below the 1.4100 level to trade as low as 1.4090 from 1.4438.

Limassol, Cyprus, June 17, 2011 --(PR.com)-- The US dollar got a boost against a basket of currencies after consumer price index data revealed higher than expected figures in May. The dollar is also getting support as a safe-haven currency given heightened risk aversion and escalating concerns over the euro zone debt problems. Against the Japanese yen, the dollar traded as high as 81.05 from 80.38. Against the Swiss franc, the dollar rose as high as 0.8550 from 0.8442. Speculators are watching an interest rate decision which is expected today by the Swiss National Bank; they expect rates to be kept unchanged at 0.25%.The focus is on whether the SNB will comment on the appreciation of the franc and monetary policy.

Sterling fell yesterday after poor jobs data was released. The data showed that the number of unemployed people in the UK rose more than expected, hitting the fastest pace in almost two years. Against the dollar, the British pound dipped to 1.6145 from 1.6375. The focus now turns to the UK retail sales data released at 8:30 GMT.

Oil prices shed 6% falling to 94.01 dollars a barrel today from 99.93. Gold rose to 1534.44 dollars an ounce from 1513.87. Silver also ticked higher to 35.95 dollars an ounce from 34.79.

Currencies to watch out for: EURUSD and USDJPY
§ The EURUSD pivot point is at 1.4215 with a preference to enter short positions at 1.4205
§ The USDJPY pivot point is at 80.60 with a preference to enter long positions at 80.65
§ The OIL pivot point is at 97.75 with a preference to enter short positions at 97.75
§ The Gold pivot point is at 1535 with a preference to enter short positions at 1535

Today’s calendar and market movers:
§ Swiss interest rate decision is forecast to keep rates unchanged at 0.25%
§ UK retail sales in May is forecast to fall 0.6%
§ Europe consumer price index in May is forecast to gain 2.7%
§ US initial jobless claims is forecast to fall to 420K
§ US housing starts in May is forecast to rise to 540K

Equity markets:

US equities were negative on Wednesday with the S&P500 trading down -1.74% and the DJIA down -1.48%. The European bourses were also negative with the FTSE trading down -1.04%, the DAX down -1.25% and the CAC down -1.49%. The NIKKEI and the HSI at the time of writing are trading down -1.47% and -1.45% respectively.

Please note that Forex trading (OTC) involves substantial risk of loss, and may not be suitable for everyone.

Notes to editors
Easy-Forex® is a pioneer online-currency-trading group that was founded in 2003, and has revolutionised currency trading in over 160 countries ever since.

We democratised foreign exchange trading by launching Easy-Forex for the global retail market. Forex trading was previously restricted to professional traders and institutions, but we brought it to the masses by lowering the cost of entry from USD 10,000 to just USD 25 and developing an easy and user-friendly web-based trading platform.

With one Easy-Forex account, traders can trade currencies and commodities using their web, desktop or mobile platforms, from any location. Personalised forex trading training programs, dealing room specialists and rewarding affiliate programs are some of the innovative features also available to traders, via our website.

We ensure that our clients are aware that foreign exchange trading can be risky and they should never trade more than they can afford to lose.

Easy Forex Group subsidiary companies are regulated in a number of markets, including Australia by ASIC, where we are the market leader, and Cyprus by CySEC. Aside from this, our CySEC licence has been pass-ported to 30 countries in Europe, where we can also provide financial services under the auspices of the Markets in Financial Instruments Directive (MiFID) aiming to protect clients interest. Subsequently, some of our practices include measures for the protection of client funds, such as keeping money in our fiduciary segregated client bank accounts and only maintaining operational and client bank accounts with reputable banking institutions.


Niki Nikolaou
357 25 828 899
extn 154