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Gold Catching Down with Euro
Gold's record high vs. euro was a key signal in ensuring bearishness in both the currency & the metal against the US dollar. Forex & commodity traders must watch.
You got that right, brother.
To be honest, Greece is sort of a sideshow at this point. German leadership (or lack there of) of the euro zone is now in question, a major issue for foreign investors. That issue will be more difficult to rectify than fixing the budget hole of a small country.
USD/JPY gapped as low as 88.95 before stabilizing. AUD has been down to 0.8150.
WASHINGTON (MNI) The International Monetary Fund did not call for
private sector wage cuts in Greece, nor were they thought to be
necessary, though the nation will need to improve competitiveness to
spur growth and job creation, IMF External Relations Director Caroline
Atkinson said Thursday.
Atkinson said the IMF did not seek an end to the practice of paying
workers 14 months salary each year.
That is not part of the Greek governments program and we agree
with the government that there is no need to mandate cuts in private
sector wages and salaries, she told reporters at the regular biweekly
briefing.
But she repeated the IMF stance that Greece will need to follow
through on measures to increase competitiveness and strengthen the
private sector, though it may take some time before markets have
confidence in the durability of those steps.
Looking forward, the fundamental aim of the Greek governments
program is to provide an environment for strong growth with investment
in the private sector and productive and sustainable job creation, she
said.
She declined to comment on the recent decline of the euro, or its
impact on Greeces recovery, saying the IMF looks at medium-term
fundamentals not short-term currency movements.
She noted, however, that the funds No. 2, John Lipsky, repeated
Wednesday that relative to medium-term equilibrium there is no problem
with the current euro level.
Calling the Greek program bold and ambitious, Atkinson acknowledged
that it make take time for observers to understand these (measures) and
to believe that theyre credible, and thats not completely surprising.
Noting the European governments have shown they are committed to
doing what it takes, to resolve the crisis, Atkinson said, I think
that whats important for Greece is that they deal with the twin
problems of high debt and competitiveness, and of course competitiveness
is relevant for Greece within the euro area as well as outside it.
** Market News International Washington Bureau: 202-371-2121 **
While USs Reid: Senate To Vote At 2:30 PM To End Reg Reform Debate THEY GOT THEIR 60 VOTE
Ashraf
Ashraf
waht is ur sl??
ur long on gold ??? what was the reason..
u trade that possible inverse h&s being formed?