22 December 05:12 AM
Forex news. The web-site of European Union displays a video message from EU President Herman Van Rompuy, in which he announces that another meeting of EU heads has been planned for January 30, 2012. Formally, the problem of unemployment will be the key topic of discussion, whereas in fact the issue of Eurozone debt crisis will certainly be raised.
In general, the message is rather positive: "We are to take drastic measures in the sphere of unemployment. Providing financial stability within Eurozone is of major importance for our future. This year we have made significant decisions to fight the crisis of sovereign debt. Almost all countries, members of the union, are holding reforms aimed at rising the competitiveness of our companies and strengthening public finance. There is a social way out from crisis".
As a balance to the official optimism of European Union, RBC Daily newspaper has published a translation of Nobel Prize winner in economics Joseph Stiglitz’s view on current situation. Its main idea can be summed up as "World is on the point of new chaos". Stiglitz supposes that the best thing about the expiring year of 2011 is that it has probably been better than the coming 2012.
At FOREX market EURUSD currency pair is forming a rising wave "С" of h1 level, which corresponds to sub-wave "с" within the ТР (Turning Point) of h4 level.
4th sub-wave is being formed as a part of wave "С". As soon as it is over, the current rising trend will probably continue, provided that there are no signals about its termination. In such a case, point 1.3183 will be the nearest target, as stated by the specialists of the System of Early Prediction Sub-department under the Department of Masterforex-V Trading System .
SRP Sub-department under the Department of Masterforex-V Trading System will signal about the change of the situation or trend.
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Exchange news. The issue of possible default in Greece is extremely topical. Last weekend Athens officially claimed that the country cannot cut its expenditures, as required by the agreements. This, in its turn, casts doubt on the possibility of Greece to receive mutual assistance credit from European Central Bank.
Last Saturday thousands of protesters crowded the streets of Manhattan, New York. The police arrested more than 700 participants of the protest.
Stock exchange news. Most significant S&P500 volumes and levels in order to define the trend for the next trading week (Monday, July 17, 2011)
According to the traders of Masterforex-V Academy Department of Futures Trade and Stock Exchange, the “roller coaster” rally that started in July continues:
Forexnews. Today another key review of business sentiment, which was published by the Central Bank, gives careful conclusions about the growth of big business confidence and further economic development. These estimations are rather positive amid global tendency of expecting decline and exacerbation of crisis.
Greece badly needs money. Time is running out. If there no more tranche of help, the available means will not be enough to service the national debt and to pay out wages and pensions, which basically is a default.
The difficulty is the fact that it is extremely difficult to reduce the budget deficit to the extent, which is required by the creditors “trio”, which consists of EU, IMF, and ECB. Sunday evening during the special government session it turned out that according to the results of 2011 the budget deficit amounted to 8.5% from GDP, instead of planned 7.6%. Forecast for 2012 also worsened.
Were these circumstances the reason of a gap in EURUSD pair at the opening of today’s trading?