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EUR/USD Fluctuates on Uncertainty About Greece

May 10, 2011 by

EUR/USD fell quickly at the beginning of the today’s trading session and recovered even more quickly. After several volatile swings the currency pair doesn’t show any discernible trend. The reason for such behavior is uncertainty about ability of Greece to overcome its credit problems. The positive decision of the European Union policy makers to reconsider the terms of the bailout and to prolong deadline for repaying debt was followed by the downgrade of the nation’s credit rating by Standard and Poor’s. EUR/USD closed almost unchanged yesterday and may do so today. EUR/USD currently trades at about 1.4351.

US import and export prices posted an increase in April. Import prices increased 2.2% in April, following the rise by 2.6% in March. That’s compared to the forecast value of 1.8%. Prices for exports increased 1.1% in April after the 1.5 percent advance in March. (Event A on the chart.)

Wholesale inventories grew 1.1% in March, while experts predicted the rate of growth to be 1.0% as in February. (Event B on the chart.)

EURUSD for 2011-05-10

If you have any comments on the recent EUR/USD action, please reply using the form below.

2 Responses to “EUR/USD Fluctuates on Uncertainty About Greece”

  1. Forexad

    I would rather say Greece will be ok in two years. some workers just does not work for less and Greece will be forced to accept more workers from Africa.

    Reply

    admin Reply:

    So, having social unrest and high crime rate due to high unemployment is an “ok” state?

    Reply

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