Join Chris Advincula, Market Analyst at leading Forex trading broker FX Solutions (http://www.fxsolutions.com/), as he provides a report of Forex activity and news for 26th October 2011, including a spring back for Euro-Yen.
"The euro is steady at the 1.3900 amount with approximately bias to the 1.3880 support line, even if it is confined to a dreary 45-pip range as the market participants pause on the sideline awaiting the news consequences of the EU summit.
German Chancellor Angela Merkel is due to pocket up the German Bundestag lower-house lawmakers almost 2100 GMT. There is a chance it could be earlier at 11:00 GMT today). She will speak for in this theme 20 minutes. Thereafter, the lower-house will argument for 90 minutes ended the EFSF budget. Merkel desires to victory the vote in the Bundestag to have a mandate to negotiate a deal with the additional EU leaders in Brussels meant at delivering a range of measures.
The Merkel pary holds 330 seats in the 620-member Bundestag, allowing her to move quietly away legislation with a austere majority of 311 votes with as loads of as 19 association dissenters.
The EU summit in Brussels topics include, rising the European Financial Stability 440 billion euro rescue fund, recapitalizing distressed EU member banks and defining amounts of writedowns on Greek debts. Luxembourg's Juncker understood yesterday with the intention of they are currently debating 50-60% on the Greek debt write-down, meaning they will be asking the Greek bondholders to acknowledge losses on the bonds effectively rolling over the maturities or extending the term.
Asian stocks fell, snapping a three-day decline rally, as uncertainty grew over the movement of the EU talks. Japanese stocks fell for a following day. Nikkei slid 0.6% to 8,705.82 at 11:00am in Tokyo. Topix fell 0.7% to 742.68.
Gold is on the firm side at 1714.90 (+$21.00) life lone of the prudent house of protection tools some time ago again fronting the uncertainty of the financial markets. High 1716.00 Low 1695.00.
The 30-day simple moving mean is consolidating between 1.3925 and 1.3900."
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