In first half of yesterday the euro advanced as Italy’s cabinet approved a plan to cut its deficit before a European summit on the region’s sovereign debt crisis. Italian Prime Minister Mario Monti announced 30 billion euros of austerity and growth measures yesterday. The premier will present the package, which includes a tax on luxury goods, resurrects a property levy on first homes, and forces many workers to delay retirement. The proposal will go before both houses of parliament. The euro appreciated after people familiar with the negotiations said a proposal to channel European Central Bank loans through the International Monetary Fund may deliver as much as 200 billion euros ($269 billion) to fight the crisis.
But later the euro fall as the European ratings story from the FT is circulated and receives attention, FT report asserting that S&P has warned Germany, France, Netherlands, Austria, Finland and Luxembourg that their ratings are at risk because of the EU crisis. Earlier the euro advanced after France and Germany said they want a rewrite of the European Union’s governing treaties to tighten economic cooperation in the region. The 17-nation currency was supported as Italy’s cabinet approved a deficit-cut plan, easing concern the region’s debt crisis in worsening.
Sterling strengthened as an index of U.K. services unexpectedly gained and U.S. services expanded in November at the slowest pace since January 2010.
EUR/USD: yesterday the pair has grown, but lost positions later.
GBP/USD: yesterday the pair rose.
USD/JPY: yesterday the pair decreased.
Scheduled data on Tuesday starts at 0920GMT, German Finance Minister Wolfgang Schaeuble appears on a panel discussing
Europe's financial and economic situation, in Vienna. EMU data at 1000GMT sees the second estimate of Q3 GDP data. US data starts at 1245GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1355GMT by the weekly Redbook Average The
Bank of Canada rate announcemet is due at 1400GMT. US data continues with the 1500GMT release of the latest IBD/TIPP Economic Optimism Index. At the same time, 1500GMT, the Canadian Ivey Purchasing Managers Index is due. Late US data sees the 2000GMT release of Treasury STRIPS data for November.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.