The Greek government continues to be between Scylla and Charybdis. On the one hand - it does not really want to reduce government spending, and on the other hand - they need to follow the economy plan. And now, once again, this bankrupt country expects foreign financial assistance and asks for a delay to achieve budget targets for two years.
"We estimate the funding gap that could be created if we get a two-year extension in the 13-15 billion euros," - said Finance Minister Yannis Sturnaras.
Despite these problems the market has not reacted to the news, which, although contain potential problems. Investors essentially speaking, the write off of Athens and do not pay any attention to it almost as Spain continues to be the focus.
Market participants are now beginning to focus their attention on the upcoming statistics from the U.S. labor market. Markets are now becoming interested in the impact of the next program of quantitative easing from the Fed. Effectiveness of QE 3 may increase the tendency of investors to the risky game and contribute to the growth of risky assets.
With such prospects dollar is likely to be in short-term pressure. Eurodollar pair receive local support after a small correction down amid ECB's failed plan about the financial support of Spain.
Today we should pay attention to the statistics from the U.S.. If they are not worse than the forecast, it will support a short-term increase in sales of the dollar.
Events today:
Moscow time
17.00 Eurozone ECB President Draghi
17.00 U.S. house price index from the S & P / CS July n / a; 1,5% y / y and 0.5% y / y
18.00 U.S. consumer confidence index from September NE n / a; 62,9; 60,6
18.00 U.S. house price index in July n / a; 0,3% m / m, 0.7% y / y
18.00 U.S. index of business activity in the manufacturing sector, according to the Federal Reserve Bank of Richmond in September n / a; -6; -9
21.30 Address by U.S. Secretary of the Treasury Timothy Geithner
22.15 Presentation Canada board member of the Bank of Canada Lane
