Forex Analysis: Greek Crisis Lets Up, June 30th, 2011 [article from Articleranks]

Forex Analysis: Greek Crisis Lets Up, June 30th, 2011

Risk appetite has come forth as the austerity measures appear to be well along the way to overcoming their hurdles via passage in the Greek government. Investors have seemingly bought into the short term confidence. The EUR gained appreciably against the USD on Wednesday increasing its recent winning streak. The Gbp and AUD have also followed suit and have made strides against the Greenback. Global equity markets have turned bullish also and have been led by Wall Street that has come up with a great few trading sessions in a row. The Greek government has an additional package of procedures which need to be passed today by way of a vote, but it would seem that this will be achieved. The EUR saw a reliable volume of backing before the Greek votes were known yesterday and the concern may become how much more backing the Single Currency can gather.

The confidence game that's been played by the E.U. and IMF has passed its tests for the time being but lots of problems remain. European facts shall be relatively light but German Retail Sales and their Unemployment Change amounts will be printed. Nevertheless the center will unquestionably continue to be on the debt problems and it handling for the EUR. The U.S. released a solid Pending Homes Sales number on Wednesday. Its outcome of 8.2% was a surprising leap over the anticipation of only 2.4%. Today the weekly Unemployment Claims will come from the States combined with Chicago PMI reading. Yesterday's better housing sector consequence was welcomed with open arms, but the unemployment situation continues to be difficult and the Manufacturing marks recently have demostrated a gradual withering of sentiment. The USD continues to be beaten back again this week and this originates as the debt problem in Europe has eased in the mean time and Wall Street has found some stability through gains. The USD has to be viewed closely these next two days after being pressed back to the weaker portion of its range against the EUR and AUD.

U.K. information on Wednesday suggested minimal in the way of surprises, but the Gbp was able to gain underneath the sails of a good breeze from the EUR. The Nationwide HPI are released this morning, which will get the interests of a few investors and carries an expectations of 0.1%. The Sterling has provided little in the way of fireworks compared to the EUR/USD pair in the current weeks. The range for the Gbp has been rather tame. Possibilities can be found within the Gbp for traders willing to test its range.

The AUD practically changed just about all loses from the past few weeks on Wednesday. The AUD detects itself straight on the more powerful aspect of its range once again. It has occurred as the European debt circumstances has reduced at the moment and Gold has rebounded. The precious metal as of this writing is around 1508.00 USD. Crude Oil combined with the other commodity markets gained also. The JPY went back towards the more powerful part of its renowned consolidated range up against the USD.

These following couple of days of trading should consist of a mixture of questions being asked about Greece and its ability to really fulfill its austerity measures. The confidence game that is being played by officials who are trying to sell the song of stability for the European Union, even though its debt situation still has blemishes is a certainty to continue. For the moment investors have apparently calmed their nerves enough to participate with increased risk appetite in the Forex and Commodity markets.

tags:Forex,gold,oil