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The USD is trading sharply lower with the EUR supported by report that ECB President Trichet was returning home one day early from a BIS meeting, Trichet’s early return to attend an EU summit fuels speculation of possible announcement of the plan to rescue Greece and contributes to an uptick…

On Tuesday the euro was on the rise after it was revealed that ECB President Trichet was going to leave a central bank meeting in Sydney. His premature departure created a significant amount of speculation that a Thursday EU summit in Brussels had been called to present a bailout for…

The pair may be strengthening but while the 91.27 level, its Jan 21?10 high at 91.86 and the 92.00 level, its channel top hold as resistance levels, we look for USDJPY to weaken back towards the 88.54 level, its Feb 04?10 low. On a decisive break below that level, the…

The Cable rose towards 1.5646 during the day and has come off since there after the UK Trade Balance numbers were not able to meet street expectations. A further fall may be contained near 1.5550-5500. If it does, there could be chances of some pull back towards 1.5700-30 over the…

* Times listed are GMT

The news that ECB President Trichet was returning from Australia a day early to attend a scheduled meeting of EU leaders injected hope that a bail-out plan for Greece may become more probable. A bail-out at this point would contradict the rhetoric from ECB officials to date. That said Eurozone…

Dollar/Yen is moving still within the well formed downward channel on the 1 hour chart. This week, the currency couple is trading hesitantly, testing the upper limit of the bearish channel at around 89.73. Persuasive break above that level may lead to direction change and strengthen the Dollar further towards…

The USD and JPY currencies were softer in the European session amid speculation that the ECB would hold an emergency meeting to discuss measures to head off contagion in the Greek debt crisis. Speculation mounted after ECB’s Trichet left a meeting with the RBA a day early, which helped market…

The Euro-zone economy will inevitably remain a key short-term focus, especially with a summit due on Thursday. Confidence will remain very fragile in the short term, but any kind of support package for the weaker economies could trigger near-term Euro relief, especially given the number of short positions in the…