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Forex: Tuesday’s review
Yesterday the euro rose against most of its major counterparts after Greece won a second international bailout and the Greek finance minister said a formal offer for a debt swap will be made by the end of this week. Euro-area finance ministers awarded 130 billion euros ($173 billion) in aid to Greece and reached an accord for greater debt relief from investor representatives in an exchange offer to tide the nation past a bond redemption next month. The euro strengthened after news Greece’s government will introduce legislation to Parliament today that will allow it to enforce losses on bondholders in a writedown of Greek debt, part of a second financing package for the country known as private- sector involvement, or PSI, a government official said.
The yen fell for a fourth day versus the dollar, the longest losing streak in more than two months, as investors sold the Japanese currency to buy higher-yielding assets.
EUR/USD: yesterday the pair rose and showed new week’s high.
GBP/USD: yesterday the pair fallen to a floor of a figure.
USD/JPY: yesterday the pair traded in range Y79.55-Y79.85.
On Wednesday At 0930GMT, the UK sees the release of the Feb BOE MPC Minutes. The minutes will again show divisions on the MPC, and while most analysts think the vote will have been unanimous in approving Stg50 billion in further quantitative easing there is a clear risk one or more members will have voted in favour of no change. France and Germany have moved to "harmonise" corporate tax rates by 2013, the Telegraph says. The paper says that will increase pressure on Ireland and the UK, as the EU will move to overall "harmonisation" of rates.
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