US dollar A positive decision on Greece did not not help currencies in opposition to the dollar. The first impulse of the U.S. currency weakening  was stopped and stabilized at 79. It should be noted, that the day after the holiday was characterized by low liquidity in the absence of significant economic statistics. In general, the dollar looks very confident, firstly because of the macroeconomic stabilization, advantageous against other regions and because of protective currency status. Smooth increase in the American currency is expected in a mid-term perspective. Euro The euphoria about the agreement with Greece ended before it began. Yesterday, the euro closed at a small minus, despite the rapid growth after the announcement of the successful completion of negotiations in Brussels. Yesterday, the euro was closed at a small minus value, despite the rapid growth after the announcement of the successful completion of negotiations in Brussels. All the good news, in particular, the agreement between Greece, private lenders and the EU have already been taken into account by the market, so now the euro is having difficultes with the upward trend progress. The rogramme of assistance to Greece for some time can protect the country from defaulting for some time , however, the current state of the economy and forecasts for the near future do not inspire optimism and put doubt on the ability of the countriy to keep promises of cost cutout. The program must be approved by the parliaments of the three countries: Germany, Holland and Finland. However, the German Ministry of Finance , Wolfgang Schaeuble, who has recently called Greece, the drain on resources, is sure that his country will have no complications occurred. Yen The dollar rose on against the yen for the fourth time in a row on Tuesday and that was the longest uptrend over the past two months. Investors who were looking for some shelter in the Japanese currency, buy the risky assets now. Note that according to the JPMorgan G7 Volatility Index, the implied volatility of theG7 currencies has gotten down to the level of 9.97%, which makes buying higher-yielding currencies more attractive.

US dollar Despite the holiday, the EU finance ministers meeting anticipation and a low-liquid market as a consequence, the dollar has gone under the 79 th figure against a basket of currencies as a positive decision on the Greek situation and kept desire for risk were expected. The movement is not supported by high-volume and looks like a correction to the weekly dollar increase. Euro Eurogroup has reached a compromise on the second program of assistance for Greece. Final Summary - the Euro zone has entered into an agreement regarding the aid provision to Greece and the second  aid package for Greece is 130 billion euros, private lenders  of Greece have agreed to a substantial debt relief, debt cancellation for the ultimate holders of the bonds exceeds 53%, national central banks will not participate in the exchange of the duty, interest rates on the original loan for Greece will be lowered. Even if it is assumed that the Greek Problem gooes from the front of the stage in the shadow, problems of the eurozone will not disappear. We will look forward to see what is the new object to be selected for the attack as a (weak link). The candidates are known - Portugal, Spain, Italy and probably France. Yen The BOJ triumph, so the recent day's events on the foreign exchange market in the land of the rising sun may be characterized. After a few measures including both, verbal and full-fledged intervention program of quantitative easing, the controller managed to reverse the trend towards strengthening the national currency. In conjunction with the renewal of interest  for risky assets among investors, the further weakening of the yen can be expected.

US dollar Demand for risk, appeared on Thursday, was not gone on Friday eather. The dollar was unable to win back losses, trading mostly in a narrow range (79.2-79.4) against a basket of currencies. During Asian trading on Monday, the dollar fell against most major currencies after the Bank of China lowering the level of mandatory bank reserves performed by the Bank of China, which caused the continued growth of risky assets. USD_INDEX has come real close to a serious  resistance level, located about 79 fig. However it is not necessary to expect the breakthrough - U.S. celebrate the President's Day and the market liquidity will be limited. Euro The progress seems to be spotted in the Euro – zone: players was cheered up with the comments by German Finance Ministry, which confirmed the proximity of decision for Greece. Today, the rumors about the bond swap and the Chinese news helped the EUR / USD with breaking through the 1.32 mark. Europe this week will be in the limelight again, as statistics from the United States will be mainly secondary. In addition to the meeting of finance ministers, pay attention to indicators of Eurozone, the PMI and the IFO survey in Germany. As for the situation with Greece, everything finally gets gradually clear. On Saturday, the cabinet approved the country's last point of the program on budget saving measures, so that now all the requirements of theTripple are fulfilled. Thus, finance ministers of the Euro - zone countries can adopt to provide rescue funds to Athens today in Brussels . However, it must be understood that this is not the end. German Parliament would vote on the second tranche on 27th of February, and then the tranche will be discussed at the  EuroSummit on March 2 . Gold Traders are increasingly optimistic about the gold and call to buy  precious metal to protect capital from inflation. Out of 22 traders surveyed by Bloomberg, 12 expect the gold to strengthen this week, and 5 take a neutral position, while its volume in the various ETF is 2389.7 tons, which is only 0.2% below the record high, reached in December 2011. It should be noted that this number exceeds the reserves of precious metals in all central banks in the world, except for the first four. As it follows from the CFTC report, the number of speculative long positions in futures and options peaked in September last year, with a help of recent statements by the Bank of England and the Bank of Japan to expand the program of quantitative easing and the Fed's intention to consider the possibility of further increasing its balance sheet . - -"Appalling fiscal situation in most developed countries raises serious concerns of inflation," - Mark O'Byrne, the executive director of the Dublin GoldCore, one of the largest dealers of physical precious metal said. - "Buying gold is an essential element in the strategy of portfolio diversification in the situation of such risks".

US dollar American statistics propped up the interest of market players in risky assets. According to the US Labor Department data, Number of Americans, filled out the SSI applications, was reduced by 13000, which is equal to 348000 during a week on February 11th. The brought result has turned into minimal since March 2008. Meanwhile, the general index of business activity by the FRB Philadelphia has risen up to 10,2 from 7,3 for the previous month. Thus the labor market and the manufacturing sector signalize of restoration, allowing the Fed to have the QEIII realization delayed. Euro Asian and European sessions were marked with weakening of European currencies, due to Moody’s statement of rating revising for 17 European banks and institutions. EUR/USD has reached for its daily maximum at 1.2975. However, in the evening there were reports that the Euro zone central banks agreed to exchange Greek bonds on their balance sheets to new ones. This bonded swap will bring profit, as the ECB and other central banks of Europe will perform the exchange at nominal value, even though they bought the bonds with discount. The spoken above profit will be moved by the government of the E-17 countries via national central banks. The operation is planned to be finished on Monday, it will be a foundation to achieving the agreement on bonded exchange between Greece and private loaners. This news helped the EUR/USD pair with breaking through the level 1.31 and approaching the 1.3140 area. Yen Japanese currency kept weakening against key contractors, opening increase for the Quantitative Easing undertaken by the Central Bank at the last meeting. The day trading on Friday will be based on rumors. The important results for the market may be received on Monday.

US dollar The U.S. currency  strengthened during the day and came close to the level 80 against a bunch of currencies (current value - 79.82). U.S. reports were painting a mixed picture. Business activity in the manufacturing industry in New York showed the sharp appreciation, but a report on the volume of industrial production showed zero growth. The TIC data confirmed the increase in demand for U.S. currency as a whole, but also reflected decrease in long-term investments. The FOMC minutes brought no surprises: the market could not find even a single hint of more positive attitude of the Fed, than it was in Bernanke’s speech. Thus, the U.S. currency has not received any additional support, that would affected the dynamics of the pair USD / JPY, which has not been able to break through the Y78.60, and retreated to the Y78.20. Euro The reasons for the the Euro weakening on the surface - a confrontation between loaners, government officials of the Euro zone and Greece, has an impact on the Eurocurrency, besides delaying  the assistance package payment  to the moment of the Greek elections in April could be a problem, since the maturity on the debt is assigned on March. The GDP for Germany and the Euro zone as a whole, published during the day, had a little influence on the currency. However, growth rates in the largest economic system E-17 give hope that the region will avoid a recession. As soon as the Greek problems recede into the background, such data will support the single currency. Australian dollar The Australian dollar has reacted positively to the labor market data published in January. During the first month of this year, the Australian economy, according to statistics, has created 46,300 new jobs, while economists had expected an average increase (only 10000 jobs). The data for December were revised downward. According to the data that have come out after the audit in December 2011 Australia's economy had lost 35,600 jobs, not 29,300 jobs, as it was reported in the first reading. The unemployment level for January was unexpectedly 5.1%decreased. It was  5.2% in December. Economists had expected 0.1% unemployment increase  in January  compared with the previous month.

US dollar The holiday seems to be back in the streets of America. Daw Jones spins around pre-crisis levels. The unemployment in the country has been 200 thousand decreased and there is every reason to believe that this trend will continue in the future. The American economy, out of any doubt, starts growing. But it is not yet clear how fast. It is no surprise that the dollar has been strengthened actively at every opportunity. Yesterday, it steadily overcame the 79th figure against a bunch of currencies, showing a 79.6 session high, forming the base for the assault on the key level 80. Euro Market participants' attention is directed to a forthcoming meeting of the Eurogroup, scheduled on Wednesday where the issue is to be resolved to provide financial assistance to Greece. All the time yesterday the euro was under the pressure caused by the rumors of disagreements on the harmonization of the Greek package. The Moody's agency only added fuel into the fire, lowering the rating of Spain, Portugal, Italy, Slovenia, Slovakia and Malta once again. The relative stabilization of the debt market did not help the euro. However, the Eurocurrency has gained some support in the vicinity of 1.31 against the dollar. For how long? Let us keep watching the news. Japanese Yen Yesterday actions by the Bank of Japan and the published accompanying statement make it clear that the Central Bank is set to continue to hold on to the (flexible) monetary policy in an attempt to weaken the currency. Besides it, the FOMC protocol,  published today, may be an additional argument in favor of further strengthening the USD / JPY.

US dollar The dollar yesterday has weakened against its key rivals in the background of nearly empty economic calendar, showing the local low against a bunch of currencies at 78.6. However, the restoration of the buck which has overcome the level 79, has begun during the evening session after the submission of the budget plan by the President Obama. Analysts have taken a note, that the successful implementation of the budget project would establish a top - down dynamics for the government debt vector. The obstacle to this program implementation  are the political disagreements and weak economic growth forecasts. Anyway, the dollar will feel confident in the medium term perspective, against the backdrop of global challenges. Euro Adoption of austerity measures by the Greek parliament allowed the Euro get stronger. But the euphoria did not last long. Decrease in the Euro was resumed and primarily against the dollar as Greece continues to be a synonym for "big problem" in investors minds. Within the short-term market prospects the key focus is kept on the meeting of the finance ministers in Eurozone, which will take place on Wednesday. Yen Today the Bank of Japan unanimously left the rate unchanged at 0.1% and expanded the program of asset purchases from 55 trillion. Yen to 65. The program on buying long-term bonds was increased from 9 to 19 trillion yen. Economic forecasts are surrounded by a high level uncertainty. In general, there is no doubt that officials will continue actions aimed at weakening of the national currency.

US dollar The last week the dollar has been fluctuating around the 79 figure. The US economy looks better than its main rivals of Europe and Japan but looses to the commodity-based Australia and Canada. It seems as if the US dollar was on its way to further strengthening up until testing the basket 81.5 level of January. Euro The Euro rose to 1.3240 against the US dollar and 102.80 against Japanese yen on yesterday's Greek austerity voting. Still the Euro zone is very much in trouble having to deal with upcoming problems in Portugal, Spain, Italy and Belgium. It is evident that the Greek scenario is not an option which will let the tension build. Yen According to released figures the Japanese economy shrank by 0.6% in the IV quarter y/y. Japan is struggling to overcome the effect of the global recession worsened by the last year's disastrous cataclysms. The GDP reduced by 2.3% y/y, which is 1% more than previously expected. The Japanese economy is expected to resume growing given the help from a number of political decisions and efforts to recover. Still the European debt crisis and expensive yen would heavily interfere the economic expansion.

US Dollar The dollar gained some ground in Asian trading hours today, as the US unit’s index climbed to 78.73 after falling yesterday to the lowest level since 8 December 2011 (78.36). The US economy meanwhile continues showing signs of a moderate recovery. The Labor Department reported yesterday that the number of initial jobless claims fell by 15000 last week to 358000. Euro In Europe Greek Prime Minister Lucas Papademos said yesterday that the nation’s authorities had finally reached an internal general agreement on austerity measures required to receive a 130 billion-euro package of financial aid. Nevertheless the euro’s gains were somewhat limited as European finance ministers postponed the endorsement of the second bailout for Greece until the nation passes austerity measures into law, identifying 325 million euros in spending cuts. The euro touched yesterday a two-month high 1.3320 against the greenback, but dropped below 1.33 in the morning. Australian Dollar The Australian currency was among the worst performing majors in the Asian trading session. The aussie extended losses from a six-month high versus the dollar (1.0845) after the Reserve Bank cut its economic growth forecast and lowered inflation outlook. According to the central bank’s statement, the economy will expand by 3.5% in 2012, compared with a 4% gain projected in November, while consumer prices will rise by 3%, down from 3.25% previously expected. The aussie depreciated from 1.0786 to 1.0701 dollars by the end of the Asian trading session.

US Dollar The dollar remains under pressure, according to the currency’s index, which measures its performance against a set of six currencies of the major US trading partners. The index slid in Asian trading hours to the lowest level since December 8 – 78.40 – as investors boosted demand for higher-yielding currencies amid Greed debt deal progress. Euro The euro on the contrary found support in Asian trading hours, climbing to its highest level since December 12 versus the US counterpart – 1.3314. Early in the morning the Greece’s Prime Minister Office said in a statement that the leaders of the major political parties “agreed on all the points of the program [required by the creditors] with the exception of one which requires further elaboration and discussion.” The only issue remaining on the table is pension cuts.

Today European finance ministers will meet in Brussels, probably with the aim to continue discussions about the second bailout package for Greece equal to 130 billion euros. At the same time the European Central Bank decides today on monetary policy. The Bank will probably leave the main refinancing operations rate unchanged at 1%. The euro fell slightly below 1.33 against the greenback at the beginning of the European trading session. British Pound The pound dived yesterday against the dollar amid concerns the Bank of England may increase its asset purchase target today by 50 billion pounds, keeping rates unchanged at 0.5%. According to the central bank’s projections inflation may fall below the 2% target by the end of 2012, leaving space for monetary stimulus. The pound dropped against the greenback yesterday from 12-week high 1.5930 to 1.5797 and traded close to 1.58 in Asian trading hours today. BoE Keeps Rates, Increases Asset Purchase The Bank of England decided today to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. At the same time the Bank decided to increase the size of its asset purchase program by 50 billion pounds to a total of 325 billion, as analysts predicted. The Bank said in a statement that the decision was taken in conditions of slowing “underlying pace of recovery during 2011” and expectations that inflation will “fall sharply in the near term.” The announced asset purchase program may take three months to complete, according to the Monetary Policy Committee’s projections. The pound rose slightly against the greenback after the announcement from 1.5820 to 1.5880, before sliding to 1.5850 one hour later. ECB Maintains Rates Unchanged Today the European Central Bank also decided on interest rates. According to the bank’s statement, the Governing Council decided that “the interest rate on the main refinancing operations will remain unchanged at 1.00%.” Mario Draghi, the President of the ECB, is scheduled to hold a press conference at 2.30 p.m. CET today.