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Portugal given time until 2015 to implement spending cuts

FXstreet.com (Barcelona) - The EU, ECB and IMF officials announced today that Portugal would be granted an additional year to implement spending cuts required by the bailout program and gave the go-ahead for releasing the next, 2 billion euro tranche of aid for the country.

The Troika concluded their seventh review of the Portuguese rescue program today and decided that due to the recent deterioration of the country's economic outlook, the deadline for implementing spending cuts should be extended.

International lenders predict that the Portuguese economy will contract by 2.3% in 2013, which is a much worse outlook than the 1% decrease estimated during the review conducted in November 2012.

Forex: USD/JPY back at highs, focus on US CPI

The USD/JPY eased back to the 96.00 level ahead of the European session and rose to 96.25 for the release of EMU CPI data, then taking profits back to 96.10/20 range.
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Forex: GBP/USD up to 1.5168 high after UK CB data

The GBP/USD surpassed the first London morning upside barrier at 1.5144 and rose to 1.5168 high after the release of UK CB Leading Economic index. February data rose from 0.1% to 0.4%. Ahead is BoE and MPC member Dale's speech at 11:00 GMT.
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