17-nation currency appreciated against the Greenback and the Japanese Yen after European Finance Ministers approved the second rescue package for indebted Greece. Euro added 0.1% against its US peer to USD 1.3254 and strengthened 0.2% against Yen to JPY 105.62.
Home improvement retailer Home Depot reported its profit jumped 32% in fourth quarter, mainly due to higher net sales which climbed 5.9%. Sales at identical stores added 5.7% reported Home Depot on Tuesday. In total company earned USD 774 million or USD 0.5 per share. The profit outperformed analyst estimations of profit USD 0.42 a share.
UK’s public sector net borrowing fell much more than initially projected in January, reported the UK National Statistics Office. The indicator swung to surplus of 10.7 billion British Pounds last month after showing 11.1 billion British Pounds deficit in December. Experts predicted the net borrowing to indicate 1 billion British Pounds surplus in January.
Swiss trade surplus narrowed in January amid falling exports, reported Switzerland’s Federal Statistics Office. The trade balance narrowed to 1.55 billion Swiss Francs in January as compared to 2.01 billion Swiss Francs in the December. Experts predicted the figure to attain 2.50 billion Swiss Francs last month. Exports lost 3.4% while imports added 3.6% in January.
Japan and US is looking forward to reach an agreement to cut crude imports from Iran. The deal is expected to be closed by the end of February. Japan’s oil dependence has increased since March earthquake in 2011. Therefore oil sanctions threaten economic growth. However, avoiding embargo would harm Japanese foreign financial operations.
Daily maximum: 1.3292
Daily minimum: 1.3187
The single European currency advanced today versus the American dollar and pierced the daily forecast mean at 1.3232 as Europe approved Greece bail-out package. Daily Resistance: 1.3288; 1.3443; 1.3590. Daily Support: 1.3182; 1.2981; 1.2725. Daily Bias: Neutral.
Daily maximum: 106.00
Daily minimum: 105.12
EUR/JPY approached its 3-month high today on Europe’s second bailout package approval. Daily Resistance: 105.90; 106.50; 107.46. Daily Support: 104.81; 102.64; 97.12. Daily Bias: Bullish.
Daily maximum: 1.5864
Daily minimum: 1.5774
The British pound hit the market participants’ daily target (1.5843) today as the public sector net borrowing rose today (-10.7B act./-8.9B est.). Daily Resistance: 1.5886; 1.5992; 1.6159. Daily Support: 1.5803; 1.5689; 1.5397. Daily Bias: Bearish.
Daily maximum: 79.84
Daily minimum: 79.56
The Japanese yen appreciated today versus the American dollar, piercing the daily forecast mean (79.62), as the monthly activity of all industries in Japan worsened in January (1.3% act./1.6% est.). Daily Resistance: 79.77; 80.14; 81.08. Daily Support: 79.36; 78.04; 75.51. Daily Bias: Bullish.
Daily maximum: 0.9148
Daily minimum: 0.9084
USD/CHF rebounded today and pierced the daily target at 0.9122, although the trading balance has declined (1.55B act./1.95B est.). Daily Resistance: 0.9166; 0.9295; 0.9493. Daily Support: 0.9073; 0.9001; 0.8823. Daily Bias: Neutral.
Europe Reaches a Greek Deal
Euro-zone finance ministers early Tuesday agreed to an ambitious €130 billion ($172.1 billion) rescue deal that will see Greece’s private creditors take an even larger loss in order to put the debt-laden country on a sustainable footing and avert a catastrophic default.
Some Doubt a Settlement Will End Mortgage Ills
Even as government officials prepare to unveil new standards this week for how banks treat millions of Americans facing foreclosure, housing advocates and homeowners are skeptical the rules will be able to do something past efforts have not: provide a beleaguered borrower with one individual to help them navigate the mortgage maze.
RBA Sees Scope for Further Australian Rate Cuts on Europe Crisis: Economy
Australia’s central bank said it has scope to ease monetary policy if needed, after keeping the benchmark interest rate unchanged this month as risks in Europe abated, minutes of its Feb. 7 meeting showed.