Forex News – 1st November 2011

EUR

EUR/USD punched down to a low of $1.3745 as traders started ‘waking up and smelling the coffee.’

Crucial referendum vote in Greece as according to recent polls, 60% of the Greek people said
they disapproved of the new bailout plan unveiled after the Eurozone leaders’ summit last
Thursday.

Only 15% said they approved of how the government was handling the crisis.

The Greek Parliament has 300 seats with Papandreou’s (Panhellenic Socialist Movement) party
holding 153 seats.

Greek Fin Min Venizelos stated that any new Greek bailout plan emerging from the EU leaders summit
would require a “super majority” i.e. 180 votes in order to be approved by Parliament.

Intraday support at $1.3759, resistance at $1.3815.

JPY

Japan’s FX intervention was crowned as a success although it may be too early to determine.
The Japanese Yen likely to benefit from safe-haven flows as uncertainty leaves its footprint
in the financial markets.

FX traders are on the look for another round of FX intervention but are bearing in mind that
further declines in USDJPY may still occur in today’s session.

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