Forex News – 27th October 2011


voluntary 50% haircut for Greek debt held by the private sector, EUR106 billion of bank
recapitalization and a leveraged EFSF that should take the total close to EUR1 trillion
bicycle-kicked EUR/USD by +236 pips.

The highlight for today is the Advance GDP q/q in The US at 12:30 GMT. A weaker figure,
which shows a contraction will tremble the US stock market, which will have its
Impact on the FX markets, especially on USD and JPY.


FX intervention was not seen but further easing measures were employed by BoJ. I have
previously mentioned I was greatly uncertain of FX intervention overnight as
Should it take place it would be when the market is not expecting it.

In my views, The BoJ will wait for the outcome of today’s GDP in The US and then decide
whether to take any decisive actions. A weaker figure elevates the risk-aversion
In the financial markets, sending safe-haven flows in JPY.

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