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Troika inclined towards extending Portugal’s rescue loan maturity

According to Reuters’ sources the IMF, EU and ECB inspectors are expected to agree to an extension of the maturity of Portugal’s bailout loans until 2015.

The Troika inspectors, which are carrying out the quarterly review of the country’s rescue program this week, see a possibility of giving Portugal more time to cut its budget deficit below 3% of GDP. They acknowledge Lisbon’s efforts to meet the bailout program requirements so far, but they also note the adverse impact of the recession in Europe on the Portuguese economy.

That is why they signalized on Monday that the country might be given one more year to cut its deficit.

Forex Flash: EUR/USD in another leg lower if slides below 1.2950/60 – TD Securities

The EUR/USD is staging mixed messaged, according to TD Securities analysts: "After Draghi downplayed the discussion on rate cuts last week, it seemed like the EUR could be staging a turn around.  But then we saw the very strong US employment report that muddied the waters somewhat for EUR/USD”, wrote analysts Shaun Osborne and Greg Moore, now more neutral but biased in favor of the USD this week. “A break below 1.2950/60 should be a good signal that EUR/USD makes another leg lower, while a climb above 1.3120/30 would be a strong signal that the single currency is turning around”, they wrote.
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Forex Flash: USD will rise against G10 - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes believes that the US dollar will steadily rise against its G10 peers by year end.
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