Forex: EUR/JPY rises to 1-week high on hopes for a Greek deal

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FXstreet.com (Córdoba) – The Euro soared to a 1-week high versus the Yen during the American session amid reports the Greek government is drafting a document on a bailout deal to present to political leaders for approval today.

EUR/JPY gained nearly 80 pips within the last hour and hit its highest since Jan 30 at 101.33 before stalling. At time of writing, the cross is quoting at 101.25, 0.7% above its opening price.

On the upside, in case of a fresh push higher next resistances could be found at 101.50, 101.80 and 102.15, while supports on dips are now seen at 101.00, 100.30 and 100.00.

Article source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=317b9f6a-5bb6-45e4-b5d9-93e7eeefd949

Article source: http://www.forexpros.com/news/forex-news/forex---eur-chf-pushes-higher-after-jordan-comments-230021

–Euro under pressure due to Australian interest rate decision, Greece debt negotiations,

–Japan data confirms authorities conducted stealth interventions following Oct. 31 intervention

–Greece strikes, Fed’s Bernanke’s House appearance eyed for cues

TOKYO (Dow Jones)–The euro was under pressure against the dollar and yen during Asian trading Tuesday as a surprise decision by the Reserve Bank of Australia to keep its rates unchanged and prolonged uncertainty over Greek debt negotiations pushed down the common currency.

The RBA’s decision to maintain its benchmark interest rate at 4.25% surprised the market, which had expected the central bank …

Article source: http://online.wsj.com/article/BT-CO-20120207-700574.html

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Forex: EUR/JPY holds around 100.76

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FXstreet.com (Barcelona) – Ahead of German Industrial Production data in December, the EUR/JPY rallied towards 100.97, where it got capped. The following retracement was able to erase part of those gains, now quoting at 100.76.

Germany saw its industrial production losing its steam in December, registering an annual growth of 0.9%. Analysts
expected a figure around 4.3%. Monthly data showed a contraction of -2.9% after a flat November. The consensus forecasted a drop by -0.3%.

Mataf.net analysts points to resistances at 100.85, 101.40 and 102.15. On the downside, supports might be found at 100.353, followed by 99.85 and 99.40.

Article source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=244262b4-9fbe-4737-aff3-c3232302a0f0

The German Industrial Production indicator measures change in production in the important…

For more information, read our latest forex news and reports.

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Article source: http://www.forexrazor.com/Analysis/Main/articleType/ArticleView/articleId/259652/EURUSD-Trading-the-German-Industrial-Production.aspx

The German Industrial Production indicator measures change in production in the important…

For more information, read our latest forex news and reports.

[Read More...]

Article source: http://www.forexrazor.com/Analysis/Main/articleType/ArticleView/articleId/259652/EURUSD-Trading-the-German-Industrial-Production.aspx

Forex Flash: AUD/USD short term bias remains to head higher – Westpac

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FXstreet.com (Barcelona) – The decision by the RBA to leave rates unchanged has surprised the market and this has been enough to push the currency up through the 1.0800 level. Outside of Australia, broader market risk appetite has been supportive for the currency too.

“From here it seems the near term bias remains for AUD/USD to head higher, as the pair remains in a firm uptrend from late last year. The bar for an RBA interest rate cut in March has been raised, while market pricing is still looking at 60% probability of a rate cut. Hence the risk is if this probability falls further the AUD will strengthen beyond the 1.08 level” Westpac Global Strategy Group notes.

Beyond the near term, the Westpac continues to harbour reservations around the risks of a hard Greek debt restructuring though, despite a PSI agreement – low participation, opposition from owners of Greek CDS not to mention brinkmanship between Greece and the Troika around the aid package all carry significant negative headline risk. The improvement in EU stress indicators such as Italian and Spanish bond spreads and EUR basis swaps almost reaching its limits too.

“These stress measures have room to tighten but any further material decline in Italian and Spanish 2yr yields (i.e. beyond 50-75bp) would imply sovereign stresses have been almost completely erased. Coupled with the fact that a number of our proprietary indicators suggest that much of the good news is priced into the AUD, indicates that a more material correction in the currency is still a risk in the period ahead” the team concludes.

Article source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=32e135a6-f742-4b7b-81f3-c512fd025e40

Forex Flash: AUD/USD short term bias remains to head higher – Westpac

FITITOL–>

FXstreet.com (Barcelona) – The decision by the RBA to leave rates unchanged has surprised the market and this has been enough to push the currency up through the 1.0800 level. Outside of Australia, broader market risk appetite has been supportive for the currency too.

“From here it seems the near term bias remains for AUD/USD to head higher, as the pair remains in a firm uptrend from late last year. The bar for an RBA interest rate cut in March has been raised, while market pricing is still looking at 60% probability of a rate cut. Hence the risk is if this probability falls further the AUD will strengthen beyond the 1.08 level” Westpac Global Strategy Group notes.

Beyond the near term, the Westpac continues to harbour reservations around the risks of a hard Greek debt restructuring though, despite a PSI agreement – low participation, opposition from owners of Greek CDS not to mention brinkmanship between Greece and the Troika around the aid package all carry significant negative headline risk. The improvement in EU stress indicators such as Italian and Spanish bond spreads and EUR basis swaps almost reaching its limits too.

“These stress measures have room to tighten but any further material decline in Italian and Spanish 2yr yields (i.e. beyond 50-75bp) would imply sovereign stresses have been almost completely erased. Coupled with the fact that a number of our proprietary indicators suggest that much of the good news is priced into the AUD, indicates that a more material correction in the currency is still a risk in the period ahead” the team concludes.

Article source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=32e135a6-f742-4b7b-81f3-c512fd025e40