Hello koala king and folks.
Good day to you.
Last week the markets expected a rare disappointing news. The European summit was the source of apprehension but then calm took its place. The Eurozone leaders agreed to take immediate steps to reduce costs and to loan to troubled banks in Italy and Spain.
Unemployment indicators in the euro area rose to 11.1%.
Spain’s Ministry of Labor Statistics showed that unemployment in this country is reducing and unemployment declined by one hundred thousand people in June. Unemployment in Spain as an indicator of the economic crisis, increased by 12 percent over last year. According to Labor Department statistics there are now more than four million six hundred thousand people without jobs. Experts believe that the relative reduction of unemployment in Spain is due to increased short-term jobs and the tourism boom of April and they know most will last until September.
Christine Lagard head of the International Monetary Fund warned of the dangers that threaten America’s economic recovery. Tuesday’s meeting in Washington mentioned that the debt crisis in the euro area has the potential danger to spread. Experts predict that America’s economic growth during 2012 will not exceed two percent and in 2013 affected the financial crisis may cause the reduction to one percent.
From a technical perspective:
EUR/USD is located within a triangle and this shows buyers and sellers are in balance and none have been victorious over another. I continue to believe in the last weekly analysis and nothing has changed.
Have a nice time.
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