2012-12-18 23:04 GMT
Standard & Poor’s upgrades Greece from selective default to B- outlook stable
Two weeks later after credit agency Standar & Poor’s downgraded Greece to selective default, it has lifted again the rating to -B, two notches higher than expected back in December 05 when the initial downgrade took place, on the promise when the payback debt was finished the upgrade would come.
From today’s S&P statement: “The stable outlook balances our view of euro zone member states determination to support Greece’s euro zone membership and the Greek government’s commitment to a fiscal and structural adjustment against the economic and political challenges of doing so,” the agency said. “Even after the buyback, Greece’s end-2012 net debt-to-GDP ratio of over 160 percent of GDP remains onerous,” the credit rating company stated. “Nevertheless, subject to Greece meeting program conditions, euro zone member states have said they would significantly improve official lending terms to the government.”- FXstreet.com
2012-12-19 09:00 GMT | E.M.U. IFO – Business Climate (Dec)
2012-12-19 09:30 GMT | United Kingdom. Bank of England Minutes
2012-12-19 13:30 GMT | United States. Building Permits (MoM) (Nov)
2012-12-19 21:45 GMT | Australia. Gross Domestic Product (QoQ) (Q3)
2012-12-19 05:17 GMT | GBP/USD quiet below 1.6270, awaiting BoE Minutes
2012-12-19 04:31 GMT | EUR/AUD holds bullish scope to 1.2900 – Westpac
2012-12-19 03:35 GMT | EUR/USD set to target 50% Fibo – RBS
2012-12-19 02:01 GMT | NZD/USD breaking below 0.84 round
MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Instrument gained momentum, turning intraday bias to the positive side. Next resistance ahead is seen at 1.3258 (R1). Upwards penetration above it might drive market price towards to targets at 1.3277 (R2) and 1.3293 (R3). Downwards scenario: If the market successfully retests our support level at 1.3224 (S1), we expect further consolidation development with possible targets at 1.3207 (S2) and 1.3191 (S3). Market deviates from the uptrend formation and currently trades on the session low.
Resistance Levels: 1.3258, 1.3277, 1.3293
Support Levels: 1.3224, 1.3207, 1.3191
Upwards scenario: We expect resuming of the uptrend formation if the price manages to overcome next resistance level at 1.6270 (R1). Immediate focus comes on 1.6283 (R2) and 1.6296 (R3) in such scenario. Downwards scenario: If the market participants manage to push the price below the support level at 1.6244 (S1) the instrument has an increased likelihood of failing towards to next targets at 1.6231 (S2) and 1.6218 (S3).
Resistance Levels: 1.6270, 1.6283, 1.6296
Support Levels: 1.6244, 1.6231, 1.6218
Upwards scenario: Upside risk aversion is seen above the resistance at 84.44 (R1). Any violation of that level would be considered as signal of possible uptrend formation towards to our targets at 84.55 (R2) and 84.66 (R3). Downwards scenario: Next immediate support locates at 84.21 (S1). Break here is required to enable bearish pressure towards to our targets at 84.10 (S2) and 83.98 (S3).
Resistance Levels: 84.44, 84.55, 84.66
Support Levels: 84.21, 84.10, 83.98
Prepared/Published By FXCC Forex Trading Blog.