Best Forex Trading Signals
The Euro has made its biggest gain against the USD in over a year as European Leaders appear to have finally reached an agreement in how to resolve the European debt saga. Rallying more than 2.5% from daily lows of 1.3870, the Euro hit levels near 1.4230 before settling to open this morning at 1.4190.
The finer points of the plan confirmed banks holding Greek bonds would accept a 50% write down in their value, a step that will assist greatly in reducing Greece’s debt to GDP ratio. They also agreed on a mechanism to expand the European Financial Stability Fund (EFSF) to approximately 1 trillion Euros (US$1.4 trillion), and alongside this banks must also raise more capital to protect themselves from the orderly Greek default and any future government defaults.
The Japanese Yen has also touched highs against the US Dollar; reaching fresh record levels of 75.66 on speculation the Bank of Japan will not have enough power to curb the Yen’s strength. With the Greenback being sold on the cross rates the Yen still remains below 76 Yen to the dollar this morning at 75.97.
Now, on to our open positions and new trades. Lets take a look at the specifics:
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