Yesterday’s forex trading session was characterized with traders waiting for the much anticipated deal between the Greek government and the troika composed of representatives of the IMF, ECB and the EC. As a consequence, the EUR/USD forex pair was held in a tight 70-pip range. This morning before European forex traders could try their hand at the direction of EUR/USD, Asian forex traders hit the 1.33 barrier reaching a high 1.3312. The price of an ounce of gold is also somewhat hesitant in the last few days fluctuating between 1,710 and 1.764 dollar per ounce.
News came out early this morning that the troika has given the Greek government half a month to find 300 mill. euros of cuts to avoid reductions to pensions. Greek party leaders had objected to cutting pensions – apparently not a great move before the elections in April.
