Euro losing ground against its major rivals amid growing concerns over the Greek crisis.

[RTFX-Trading]

Euro losing ground against its major rivals amid growing concerns over the Greek crisis.

The Euro is leading the pack of major currencies losing ground against the US Dollar. The Euro was set to close above 1.3800 for the first time since early February following comments from the Federal Reserve’s Fisher when he came out saying the Fed is not at the point yet to change language or policy.

However the Euro retreated following a Dow Jones article quoting a senior Greek official as saying that the rift between the administration in Athens and that of Germany is widening, with Prime Minister George Papandreou set to seek IMF aid to help his country deal with its gaping budget shortfall over the Easter weekend. Therefore our outlook for the Euro remains bearish against its major rivals, especially since daily studies seem to show that oversold conditions have been exhausted in particular in the EUR / USD pair.

Meanwhile CPI numbers from the US came in less than expected at 0.0% M/M and 2.1% Y/Y against expected 0.1% M/M and 2.3% Y/Y respectively. Weekly jobless claims came in slightly higher at 457’000 versus 455’000 expected, and the current account deficit increased to $115.5B from $108.8B against an expected $119.8B. The Philly Fed (18.0 expected) is scheduled for release at 15:00CET, along with leading indicators (0.1% expected). From the official front, Fed’s Hoenig and Lacker speak to bankers in Washington at 13:30CET, while Fed’s Duke steps up a couple of hours later in front of the same panel at 16:30CET.

The Euro is so far down 0.43% against the greenback to 1.3677, 0.27% against the Sterling to 0.8943, 0.67% to 123.22 versus the Yen, and 0.05% against the Swiss franc at 1.4475.
[IMG]http://www.rtfx.com/images/news/EUR180310.gif[/IMG]

Emman Xuereb

Trading Desk
RTFX Ltd
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[nighthitcher]

sounds good to me