Summary
The five year old saga of Greece, its debt and its place in the European Monetary Union is a moving target. As of this post on Friday morning in New York February 29th, everything is up in the air. The Eurogroup ministers are meeting in Brussels. Yannis Varoufakis the Greek Finance Minister said he hoped a deal would be reached today on Greece’s request for a new six month loan agreement. Wolfgang Schaeuble German Finance Minister had called the Greek idea a “Trojan Horse”.” Angela Merkel the German Chancellor and French President Francois Hollande said “Greece must remain in the euro area”. We will examine the situation as it presents itself at the time of the webinar and try to separate the official agreements (if any) from the likely economic and market impact. It will necessarily be speculation of a high order. Join us for a session of fact, theorizing and a little European culture.Latest Live Videos
Editors’ Picks
AUD/USD tests 0.7100 after China inflation and RBA Hauser's comments
AUD/USD flirts with three-year highs at 0.7100 in Wednesday's Asian trading. The pair remains undeterred by the mixed Chinese inflation data for January, which showed the growth in the Consumer Price Index slowing more than expected, while the Producer Price Index beat estimates. RBA official Hauser's hawkish commentary provides an extra boost to Aussie bulls.
USD/JPY extends three-day rout below 154.00, NFP eyed
USD/JPY is extending its three-day rout below 154.00 in the Asian session on Wednesday, awaiting the release of the closely-watched US NFP report. In the meantime, rising bets on Fed rate cuts keep the US Dollar depressed. In contrast, expectations that PM Takaichi's policies will boost the economy and allow the BoJ to stick to its hawkish stance underpin the Japanese Yen, weighing on the pair amid intervention fears.
Gold awaits US Nonfarm Payrolls data for a sustained upside
Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.
Ethereum: Whales buy the dip amid rising short bets
Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.
Dollar drops and stocks rally: The week of reckoning for US economic data
Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.
Here is what you need to know for Wednesday, February 11:
United States (US) ADP reported that, on average, the private sector added 6.5K new jobs in the four weeks ending January 24, up from 5K in the previous week. Other than that, Retail Sales remained unchanged in December, below expectations for a 0.4% increase and below November’s 0.6% advance.