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Currency change report 2nd March 2012: EU finance generate fears of potential Greek default

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The euro felt against the dollar since yesterday as data showed U.S economy remains in better shape than the euro zone, but the U.S recovery seems lighter than expected. German retail sales fell unexpectedly in january at -1.6% on a monthly basis, expected at +0.5%. Eurozone credit comitee delayed more than 50% of the 130 billion euros bail-out for Greece after demanding that Athens show a “detailed assessment’  on how they would implement spending cuts and reforms.

The U.S ISM index was published yesterday at 52.4 for february compared to 54.1 for january 2012 meaning a slowdown in US manufacturing activity.

U.S central bank Chairman Bernanke defended the central bank’s monetary policy, explaining yesterday during his testimony that it helped create around 2.5 million jobs since november 2010 and stabilize prices. U.S Presidential candidate Mitt Romney has said he wouldn’t give to Bernanke another term.

The Australian dollar is higher as equities and commodities continue their rally worldwide.

The yen is still weakening following a big sale from Japanese importers. Some banks like Bnp Paribas are still expecting that US will announce a new quantitative easing program which would then make the yen stronger against the dollar.

Oil went higher over 110  dollars a barrel yesterday after an Iranian news channel reported an explosion on a Saudi Arabian pipeline.

 Have a nice day


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