Filed Under:
Forex pairs in this Article » (Barcelona) - The TD Securities team of analysts believe this week's main focus will be the attempts to reach some sort of agreement for both European and American politicians, in regard to Greece and the "fiscal cliff", respectively, but no solutions are expected this early.

Yesterday, the Greek Parliament approved the 2013 budget (which passed with a reasonably comfortable 167 votes out of 300) and the Troika report was sent overnight, according to EU's Juncker. However, no definitive decisions on Greece are likely at today's Eurogroup meeting, as they should be delayed to late November. Meanwhile, Greece will run out of money sometime in the second half of November. "Of most immediate concern is ¬5bn of Greek redemptions that are coming due on Friday. Greece is planning to raise over ¬3bn via 1m and 3m T-bill auctions tomorrow, and European officials have said that they will not allow Greece to "accidentally" default on Friday, although markets will likely remain nervous until they know for sure that Greece has the funding in hand", wrote Jacqui Douglas, Senior Global Strategist at TD Securities.
comments powered by Disqus