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.
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
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.
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Notes to editors
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