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8 Apr 2013

Portugal to slash spending after court ruling setback

FXstreet.com (Barcelona) - Following the Portuguese constitutional court decision last Friday, in which certain austerity measures from the 2013 budget were rejected, Portugal's Prime Minister Pedro Passos Coelho said on Sunday the government will implement further cuts to compensate the unexpected budgetary setback, so that it can meet targets set by the Troika.

Passos Coelho said in a televised address to the country that the court ruling was, cited by Reuters, "a serious obstacle for and risk" this year and next, but showed commitment to comply with the EU/IMF rescue program.

The Prime Minister ruled out an increase in taxes but one of the measures being explored was to cut on more spending, as mentioned above. The government is also seeking more flexible conditions from international lenders, so that they can successfully complete the bailout programme in 2014.

According to Reuters: "Analysts expect Portugal to be able to agree replacement measures with the European Union and International Monetary Fund to make up for the court ruling, which could cost it between 900 million and 1.3 billion euros."
Apr 6, 2013

Forex: EUR/USD jumps but the dark clouds remain there; The long & sweet BoJ Game

Is the war, is the currency war! The Euro recovered ground against the US dollar and after two days of expectacular rally, the pair rose 300 pips from the 1.2745 double bottom to break above the MA200 days to 10-day highs at 1.3040. Is it the end of the two month decline for the single currency? But there are Portugal now...
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Apr 8, 2013

Forex: EUR/USD unchanged around 1.3000

EUR/USD is last barely below the 1.30 handle, more or less unchanged from previous weekly close Friday, off recent session lows at 1.2970, printed during the interbank pre-market. Mentioned low is 50% Fibo retrace of latest intraday up leg from Friday's lows pre-NFP at 1.29 round to Friday's fresh 9-day highs at 1.3040.
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