MORNING BRIEFING: Greece announced new austerity measures

[RTFX-Trading]

MORNING BRIEFING: Greece announced new austerity measures

What’s new :
United States: Publication of the Fed's Beige Book
United States: Diminution of jobs cuts
Great Britain: Today Bank of England’s meeting
Greece: News austerity measures
Euro Zone: The ECB welcomes the efforts of Greece
Euro Zone: ECB Decision on rates expected at 13:45 CET
IMF: Provides support to Greece

Today:


Rates in Asia and Indices:
EURUSD: 1.3712 - 1.3662.
USDCHF: 1.0708 - 1.0669.
EURUSD: 1.5108 - 1.5053.
EURJPY: 121.39 - 120.48.
USDJPY: 88.63 - 88.16.
Dow Jones: 10'396.76 -0.09%
Nasdaq: 2'280.79 +0.32 %
S & P 500: 1'118.79 +0.04%
Nikkei: 10'145.72 -1.05%  
Shanghai: 3'052.01 -1.45%
Gold: $1'135.22
Crude Oil: $79.03
 
Comments:
Always expected with interest by economists and published yesterday, the Fed's Beige Book, the second of its eight annual publications shows moderate growth for the US economy since the beginning of the year. Slight improvement in household spending, despite the impact of weather on it and growth for the industry are the main encouraging signs of this publication.

The monthly statistic of employment cuts in February reached its lowest level since 2006, confirming this trend.

In Britain, markets do not expect a move of interest rates from the Bank of England meeting today and tomorrow, it remains for the 12th consecutive month at a record low level at 0.50%.
 
The additional austerity measures taken by Greece have temporarily relieved the pressure on the EUR, its parity against the USD gaining 0.6% to return to the level of 1.3736 after the announcement of these measures, before slipping quietly during the night.

The European Central Bank welcomed the measures taken by Greece, before its meeting today after which they will announce their decision on interest rates, expected at 13:45 CET. Nevertheless, the press conference, scheduled at 14:30 CET, will attract market attention, any comments on the means used to help Greece having power to move the market!

The International Monetary Fund also welcomed the efforts of Greece to reduce its budget deficit, saying it was ready to provide technical assistance to the implementation of its austerity measures.

On Friday employment figures in the United States will be followed closely by the markets.

Good day

Pascal Bovay

RTFX Ltd
Trading desk
RTFX Ltd is licensed to conduct investment services business by the Malta Financial Services Authority. This information does not constitute an offer or solicitation and is provided for information purposes only. This information shall not be deemed to constitute advice and should not be relied on as such to enter into a transaction or for any investment decision. Any opinions expressed in this document represent the views of RTFX Ltd at the time of preparation. They are thus subject to change without notice. RTFX Ltd believes that the information contained herein is accurate as at the date of publication. However, no warranty of accuracy is given by RTFX Ltd and no liability in respect of any errors or omissions, including any third party liability, are accepted by RTFX Ltd or any director, officer or employees.