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Fundamental Analysis
Daily Reviews of major currencies from Globe Gain Forex Rebates
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[QUOTE="Globe Gain, post: 25794, member: 12181"] [B]07/02/2012 The euroarea tensions do not allow EUR to join the market rally[/B] [b]EUR/USD[/b] [img]http://globegain.com/sites/default/files/imagecache/analytics_img/2012/February/eur_2.gif[/img] The Greeks haven’t agreed on the tougher austerity programme yet. The European leaders, in their turn, are increasing their pressure on the country, urging it to carry out the expenditure cuts sooner. Yesterday the euro had been falling until it reached 1.3030, but then another wave of stop-orders pulled the pair back above 1.31. It happened on the news that the government agreed to dismiss 15000 public sector workers. But it is not enough, and today the debates will be carried out against the background of large-scale strikes. Since the events are long-term, traders currently have a great deal of short positions, which does not allow the pair to fall lower in the absence of really important news, like, for instance, sharp easing of the monetary policy by the ECB or the uncontrollable default in Greece. It’s really interesting that the number of long dollar positions has been decreasing in the last few weeks. This has been mainly due to the recovery of the demand for risky assets in the global markets. Thus, it’s possible to say now that at present the single currency is mainly moving on its own regional news and is less than usual dependent on risk demand fluctuations and carry-trade... [url=http://globegain.com/analytics/globe-gain-daily-review/07022012-0940-euroarea-tensions-do-not-allow-eur-join-market-rally]Read full review[/url] || [/QUOTE]
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