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Dollar Stronger As Euro Falls On Greek Postponement & Moodys Ratings

Dollar Stronger As Euro Falls On Greek Postponement & Moodys Ratings

Dollar Strength Returning As Uncertain Conditions Bring New Wave Of Bearish Sentiment

“Incomplete Greek paperwork” has been offered as the latest reason for a cancellation of a meeting involving the euro zone’s 17 finance ministers; the nearing March due date is rapidly approaching with Greece looking at almost €15 billion in bond payments on the 20th. Add to this the fact that Moody’s Investor Services have downgraded Portugal, Spain, Italy and additionally put the United Kingdom on a negative outlook.  Moody’s put the UK, France and Austria on a “negative outlook” rating, which means there is now a 30 percent chance of a downgrade over the following 18 months.  The U.S. dollar has been well bought in these risk off conditions with all of the majors losing ground against the greenback.

From a technical perspective the key EURUSD currency pair is now moving closer to the 38.2% retrace of the previous wave to the upside.  Price structure support is seen below this level and is found around 1.3030, just above the 1.3000 psychological round number  level.

EUR Data 15th Feb (GMT)

6:30am    EUR    French Prelim GDP q/q
7:00am   EUR    German Prelim GDP q/q
9:00am   EUR   Italian Prelim GDP q/q
10:00am EUR  Flash GDP q/q
10:00am EUR  Trade Balance
1:30pm    USD    Empire State Manufacturing Index
2:00pm   USD   TIC Long-Term Purchases

USD Data 15th Feb (GMT)

2:15pm    USD  Capacity Utilization Rate
2:15pm    USD  Industrial Production m/m
3:00pm    USD  NAHB Housing Market Index
3:30pm    USD  Crude Oil Inventories
7:00pm    USD  FOMC Meeting Minutes

EURUSD Daily Chart

eurusd analysis 15 february 2012 thumb Dollar Stronger As Euro Falls On Greek Postponement & Moodys Ratings

 

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