Chart created using Market Scope – Prepared by Jason Shemtob Cypriots Look to Secure Funds or Face Financial Ruin
THE TAKEAWAY: Cyprus must obtain 5.8 billion in Euro funding in order to receive needed loan from ECB or face bank failure > Potential Cyprus exit could lead to EU break-up momentum > Euro Outlook Bullish The financial problems surrounding Cyprus came to a crescendo on Thursday with Cypriots lining up outside the ATM’s of the nation’s most prominent banks. Currently Cyprus needs to raise 5.8 billion Euro by Monday in order to secure the ECB’s 10 billion Euro loan, which is sorely needed in order to save the island nation’s two largest banks, Bank of Cyprus and Laiki, from financial ruin. This deadline comes following the Cypriot rejection of a ECB engineered bail-out agreement which would have required bank depositors to pay 9.9% on deposits over 100,000 Euros and 6.6% on deposits below this threshold. In turn Cypriot policymakers are now struggling to formulate a “Plan B” aimed at generating the necessary revenues needed to obtain ECB financing. The plan, currently being formulated, would include the restructuring of the failing Laiki bank, as well as potential asset-backed loans from Russia, whose citizens hold significant deposits within Cyprus banks. Register HERE to take this short quiz assessing your FX trading knowledge and receive a learning curriculum based on your responses. If Cyprus fails to obtain the necessary funding needed to obtain the ECB bailout, the reverberations felth through-out the Euro Zone would be significant. Failing to secure an ECB loan would likely doom Cyprus to a EU exit, making it the first nation to leave the world’s largest economy. Up until now, this is an event Euro zone policymakers have successfully been able to prevent. Should Cyprus be forced from the EU, momentum may begin to form among those other nation’s (ie: Greece, Portugal, Spain, Ireland) who have faced painful austerity measures in order to obtain the ECB financing through-out the financial crisis. This “exit-minded” momentum could lead to a domino effect and the EU may once again find itself in the grips of a complete break-up, dooming the Euro currency. This possibility still remains distant, however, as Cyprus lawmakers have agreed to propose on new plan by late Thursday and both sides appear to recognize the danger of a Cyprus exit from the EU. The Euro fell early in the day and has remained volatile amid news releases out of Cyprus. The currency is likely face continued volatility as the reports concerning “Plan B” the Eurozone’s reaction to it continue. Forex traders may see opportunities to trade this volatility and should stay up to date on developments. EUR/USD (1 Day Chart) Chart created using Market Scope – Prepared by Jason Shemtob
Chart created using Market Scope – Prepared by Jason Shemtob DailyFX Webinar Schedule: Week of March 24, 2013
There have been some substantial shifts in the fundamental backdrop over the past week. While the FOMC wouldn’t give us a clear time frame for its withdrawal of stimulus, the Bank of Japan has leadership that will eventually look to outpace the Fed, the Bank of England has been given the go ahead for more stimulus and Cyprus has stirred financial stability concerns in the Eurozone once again. This hits on two of the most effective fundamental drivers available – risk trends and competitive stimulus (the polite term for ‘currency wars’). The traditional economic docket list is once again thin. As for our top-tier event risk hosted back in DailyFX Plus, our European analyst, Christopher Vecchio, will run a special session dedicated to The Cyprus Crisis. This special event is in DailyFX Plus on Monday (see more below). Trade the News Live with DailyFX(Link) - Tues (Mar 26, 14:00 GMT) – US Consumer Confidence (MAR) with Kristian Kerr, Senior Currency Strategist - Wed (Mar 27, 12:30 GMT) – Canadian CPI (FEB) with David Song, Currency Analyst - Thur (Mar 28, 08:55 GMT) – German Unemployment Change (MAR) Christopher Vecchio, Currency Analyst - Thur (Mar 28, 12:30 GMT) – Canadian GDP (JAN) David Song, Currency Analyst Free Strategy and Forecast Webinars on DailyFX.com(Link) - Mon (Mar 25, 00:00 GMT) – FX, Gold and Equity Outlook with Ilya Spivak, Currency Strategist - Mon (Mar 25, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Mon (Mar 25, 14:00 GMT) – Forex Strategy Outlook with David Rodriguez, Quantitative Strategist - Tues (Mar 26, 15:00 GMT) – Trade Like a Hedge Fund Trader with Kristian Kerr, Senior Currency Strategist - Wed (Mar 27, 00:30 GMT) – Australian Market Outlook with Ilya Spivak, Currency Strategist - Wed (Mar 27, 14:00 GMT) – Automate Your Trading with the DailyFX-Plus Sentiment Based Trading Strategies with David Rodriguez, Quantitative Strategist - Thur (Mar 27, 16:00 GMT) – High Probability Breakout Trading with Jeremy Wagner, Trade Instructor Client-Exclusive Webinars on DailyFX-PLUS(Link) - Mon (Mar 25, 11:00 GMT) – Cyprus and the Eurozone with Christopher Vecchio, Currency Analyst - Tues (Mar 26, 11:15 GMT) – Trading Q&A with Christopher Vecchio, Currency Analyst - Tues (Mar 26, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Tues (Mar 26, 23:00 GMT) – Trading Q&A with John Kicklighter, Chief Strategist - Wed (Mar 27, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Wed (Mar 27, 15:00 GMT) – Trading Q&A with David Song, Currency Analyst - Thur (Mar 28, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Fri (Mar 29, 00:30 GMT) – Trading Q&A with Ilya Spivak, Currency Strategist - Fri (Mar 29, 18:00 GMT) – Next Week’s FX Trade Plan with Jamie Saettele, Senior Technical Strategist Spreadbetting Webinars*(Link) - Mon (Mar 25, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Tues (Mar 26, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Wed (Mar 27, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Thur (Mar 28, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Fri (Mar 29, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst
DailyFX Webinar Schedule: Week of March 17, 2013
We have seen incredible moves such as the Dow’s longest run in 16-years and GBPUSD’s biggest daily jump since July 2010. And, these remarkable extremes are likely to draw more activity and volatility. The traditional economic docket is thinning out in the coming week, but we have an exceptional catalyst in the top indicator for the week. The FOMC Rate Decisiontaps into what traders both looking at risk trends and the watering down the currency are interested in – the timeframe for the end of stimulus. Trade the News Live with DailyFX(Link) - Wed (Mar 20, 09:30 GMT) – BoE Minutes / UK Jobs (FEB) with Christopher Vecchio, Currency Analyst - Wed (Mar 20, 21:45 GMT) – New Zealand GDP (4Q) with Kristian Kerr, Senior Currency Strategist - Thur (Mar 21, 01:45 GMT) – China HSBC Manufacturing (FEB) with Ilya Spivak, Currency Strategist Free Strategy and Forecast Webinars on DailyFX.com(Link) - Mon (Mar 18, 00:00 GMT) – FX, Gold and Equity Outlook with Ilya Spivak, Currency Strategist - Mon (Mar 18, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Mon (Mar 18, 14:00 GMT) – Forex Strategy Outlook with David Rodriguez, Quantitative Strategist - Mon (Mar 18, 15:00 GMT) – Fundamental Market Forecast with John Kicklighter, Chief Strategist - Tues (Mar 19, 15:00 GMT) – Trade Like a Hedge Fund Trader with Kristian Kerr, Senior Currency Strategist - Wed (Mar 20, 00:30 GMT) – Australian Market Outlook with Ilya Spivak, Currency Strategist - Wed (Mar 20, 14:00 GMT) – Automate Your Trading with the DailyFX-Plus Sentiment Based Trading Strategies with David Rodriguez, Quantitative Strategist - Thur (Mar 20, 16:00 GMT) – High Probability Breakout Trading with Jeremy Wagner, Trade Instructor Client-Exclusive Webinars on DailyFX-PLUS(Link) - Tues (Mar 19, 11:15 GMT) – Trading Q&A with Christopher Vecchio, Currency Analyst - Tues (Mar 19, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Tues (Mar 19, 23:00 GMT) – Trading Q&A with John Kicklighter, Chief Strategist - Wed (Mar 20, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Wed (Mar 20, 15:00 GMT) – Trading Q&A with David Song, Currency Analyst - Wed (Mar 20, 18:00 GMT) – FOMC Rate Decision with John Kicklighter, Chief Currency Strategist - Thur (Mar 21, 12:30 GMT) – Scalping with Michael Boutros, Currency Strategist - Fri (Mar 22, 00:30 GMT) – Trading Q&A with Ilya Spivak, Currency Strategist - Fri (Mar 22, 18:00 GMT) – Next Week’s FX Trade Plan with Jamie Saettele, Senior Technical Strategist Spreadbetting Webinars*(Link) - Mon (Mar 18, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Tues (Mar 19, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Thur (Mar 21, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst - Fri (Mar 22, 09:30 GMT) - Daily Spreadbetting Webinar with Alejandro Zambrano, Market Analyst
Inscription à :
Articles (Atom)