Action Forex |
- IIF warns Greek default might cost Eurozone 1 trillion euros
- AUDUSD traded in a range between 1.0596 and 1.0855
- Greece debt swap deadline nears as Spain sets alarming deficit target
| IIF warns Greek default might cost Eurozone 1 trillion euros Posted: 06 Mar 2012 07:45 AM PST According to a report obtained by Reuters, the Institute of International Finance considers a possible Greek disorderly default as extremely harmful for the Eurozone. In a document from 18 February the banking trade group warned that such an event would result in Italy and Spain seeking external aid in the face of the threat of contagion. They estimated that the damage to the Eurozone would amount to 1 trillion eu |
| AUDUSD traded in a range between 1.0596 and 1.0855 Posted: 05 Mar 2012 07:41 PM PST AUDUSD traded in a range between 1.0596 and 1.0855 for several days. As long as 1.0596 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9861, and one more rise towards 1.1080 previous high is still possible. One the downside, a breakdown below 1.0596 will indicate that the rise from 0.9861 has completed at 1.0855 already, then the following downward movement could |
| Greece debt swap deadline nears as Spain sets alarming deficit target Posted: 05 Mar 2012 02:45 PM PST The European commission was gutted to learn earlier today that Spain budget deficit deviation will be much greater than initially pledged. Brussels sees the deficit target of 5.8% rather than 4.4% agreed as a “serious deviation.” PM Rajoy revealed the stunner target of 5.8% for this year after that last year’s deficit of 8.5%. The stand-off between the European authorities and Spain came just day |
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