Archived IMT (2010.11.07)
GREEK REGIONAL ELECTIONS today will be a vote of confidence in the Socialist Pasok Partys austerity plan, passed by PM Papandreou. Markets will closely watch the results on Sunday evening and whether Pasok wins a clear majority. Failure to do so would trigger renewed euro jitters as it endangers the continuity of the EUR 110 bln IMF/EU-backed austerity package. PM Papandreou stated he would call a snap general elections if his party doesnt win clear majority in todays municipal elections, whose results will be known later Sunday night. The opposition conservative New Democracy party has grown in support for its protests against the tax & employment consequences of the austerity package and the generally slow pace of progress in the economy. EUR was hit on Friday as Irish Bond spreads relative to Germany extended their rise following Irelands ambitious new budget (yet to be approved in parliament) aims at cutting the deficit to 9.25%-9.5% of GDP in 2011 from the current 11.9%. EURUSD may struggle around $1.40 but more downside is seen against CAD &CHF. EURCAD ALREADY BROKE BELOW $1.41, testing its 55-week MA for the first time this year.The cross-over in weekly stochastics aiming at 1.4040-50 support, which would be followed by 1.38. HERES THAT EUR vs SPREADS CHART http://chart.ly/ sweyqkc. TIME DIFFERENCE between US Eastern Time (NY) & GMT is now 5 hours. And GMT = London.
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