The Asian-Pacific trading session opened with a decline against the background of Greece’s budget deficit. On Sunday the Greek authorities approved the draft budget for 2012, saying that in 2011 the budget deficit is expected to reach 25.2B euro instead of 23.1B euro.
The Japanese Nikkei 225 and the Australian ASX lost 2.5%. Hang Sheng (Honk Kong index) lost 4.5%.
FOREX.
USDCNY is being traded in a narrow range (6.37-6.40). According to the Department of Masterforex-V trading system , if the bottom of the range is overcome, the downtrend will be continued in the form of wave C of Daily 2. Once the price gets over the top of the range, it will probably initiate an upward retracement – wave C H4/H8 inside the ABC pattern.
