Last Tuesday, within the framework of the run-up to the elections, Federal Minister of Finance Wolfgang Schäuble made a statement, which was sensational to some extent. He told the reporters that Greece will need another tranche to fight the continued debt crisis.
The thing is that Angela Merkel has been avoiding any talks about any further financial salvation of risky eurozone economies. The mister also told that Germany mad an unprecedented step, i.e. the German authorities wrote down 53% of the Greek debt. Still, this is not the reason to make another write-down.
24 hours later the ECB decided to respond to this statement made by the German finance minister. In particular, a representative of the ECB told the reporters that the central bank will consider further interest cuts for Greek debts along with the possibility of joint financing by means of European funds. The situation will clarify in early spring 2014, the representative said.
Forex
It turns out that the eurozone has another means of increasing the volatility of the currency market, which traders should be aware of. EURUSD may well see higher volatility within the next 6 months.
Meanwhile, the common European currency is retracing from a recent rally. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of EURUSD while the markup shows possible scenarios.
Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
