Forex - Asia Open - Overnight Highlights
Asia Overnight Highlights - 22 July 2011
Radhika Rao, Connie Tse, Han Hao Li
ASIA Prospect:
EUR enjoyed a dream rally in overnight trade, from the depths of sub-1.4170 when Asia progressive yesterday to bid back into the 1.44 handle early Friday Asia. Late Thursday's Eurozone leaders top surpassed market expectations, going all out to contain contagion worries and advance a earn up Greece on a more sustainable footing 1) announced EUR 159bn (USD 229bn) good aid for Greece - includes EUR109bn financing package from EU and IMF 2) expanding the EFSF smoothness to provide cheaper credit lines for Greece, Portugal and Ireland. 3) private investors asked to without being prompted swap Greek bonds for longer maturity and at lower rates. Alongside ECB's Trichet also signaled that govts will guaranty any defaulted Greek debt offered as collateral during mmkt operations. These moves are expected to grow worries on peripheral debt and erect back-up plans even in case rating agencies were to ruminate over lowering Greece to selective default status.
RP’S FOREX RESERVES AT ALL-TIME HIGH
Erle Frayne D. Argonza
Magandang gabi! Authentic evening!
It’s almost bedtime as I catalogue this percentage. I am currently listening to circle music as I keep my fingers Rococo on my laptop, even as I am in a celebratory or irrefutable eager after a exacting fertile day.
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