Greek government to stay in touch
City Index May 22, 2015 2:12 PM
<p>The Euro received a slight boost into the US close on Thursday as reports surfaced that EU leaders were ready to announce a package that […]</p>
The Euro received a slight boost into the US close on Thursday as reports surfaced that EU leaders were ready to announce a package that would provide Greece with financial support over the summer months, but as we have seen before talks between the Greek Prime Minister Alexis Tsipras and reformists French President Francois Hollande and the German Chancellor Angela Merkel broke down with the statement revealing they had agreed only to ‘stay in touch’! The finance ministers’ meeting will continue in the Latvian Capital of Riga today where ‘keeping in touch’ will be high on the agenda no doubt.
USD/JPY is trading back below 121 again following the BoJ policy meeting that concluded with no adjustment to policy, which had been the unanimous consensus but the Japanese Central Bank also raised their economic assessment for the first time in nearly two years. This has made adding additional stimulus to the policy a difficult task despite the view that new measures will be introduced in the autumn.
The European session will give us the latest IFO reading from Germany along with ECB President Draghi and BoE Governor Carney both scheduled to make speeches. The US CPI release is likely to be overshadowed, as the Fed Chair Janet Yellen is to make a speech at the Greater Chamber of Commerce Economic outlook luncheon, where the market expects her usual dovish tone despite reports she will not take questions.
Support 1.1055-1.0970-1.0850 | Resistance 1.1180-1.1325-1.1530
Support 120.30-119.80-118.50 | Resistance 121.60-122.00-123.55
Support 1.5580-1.5525-1.5440 | Resistance 1.5710-1.5825-1.5875
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