Intraday Market Thoughts

From SPR to Greek Interventions; 6 New Charts

by Ashraf Laidi
Jun 23, 2011 21:00

EURUSD rises off key support of 1.4115 on news that Greece secures IMF/EU deal, which will be finalized on Friday, 1.4110-15 is the Trendline support extending from May 23 low thru the June 16. EURUSD will continue hovering between $1.40 and 1.45 as it awaits these key dates (see below).

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The key dates for EUrozone are the following: June 23-24 EU Summit

June 28 or 30: Greek parliament vote on Medium Term Plan (austerity measures totalling E28.6bn)

July 3 extra-ordinary Eurogroup meeting to disburse E12bn to Greece.

Summarising the FOMC Decision

1. FOMC sticks with "exceptionally low levels for the fed funds rate" to last for "extended period".

2. Confirmed $600B QE2 ends in late June.

3. Continue reinvestments with 7 yr Treasuries buying operations per month.

4. FOMC said recovery "somewhat more slowly than expected" but likely due to temp factors such as Japan, higher food/energy prices.

5. FOMC downgraded US growth estimates: 2011 central tendency now 2.8% from previous 3.2%. 2011 unemp rate 8.8% from prev 8.5%, 2011 core PCE prices

seen 1.5%-1.8%.

6) Bernanke noted "extended period" could at last at least 2-3 meetings




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