Greece Bailout Tranche will be released on December 13 in the amount of €34.4B.
(GR) EU’s Juncker: Formally announces Eurogroup had reached deal on Greece aid disbursement
Eurogroup is committed to provide support to Greece until the country regains market access- Will consider further measures once Greece runs a primary surplus
How to interpret this information?
Obviously this news is positive for the Euro, but considering how much the market gained ahead of this release, it is understandable to see some profit taking after the news. With the uncertainty settled for Greece, I believe Euro may now gain on positive sentiment and it could potentially restest the upper end of the range.
With Spain to receive its Banking Bailout payments in December, there are very little “European” concerns for the market until 2013. We may see EURUSD starts to regain its marketshare as sentiment improves for Europe while US Feds continue with QE3. Although we may need another news catalyst for EURUSD to make an upward breakout, I believe we should at least see the 1.3170 level being retested in the coming weeks, if not coming days. The key is to buy EUR on dips, against USD or JPY.
Greece Bailout Tranche To Be Released On December 13…
November 27, 2012 by Leave a Comment