Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Greece deal brings confidence back to markets

14.45 AEDT, Tuesday 27 November 2012

Greece deal brings confidence back to markets

By Ben Taylor (Sales Trader, CMC Markets)

Despite a tepid start to the day the market has rallied higher in light volume as we saw Euro Finance ministers reach a deal to provide Greece with debt relief.

The deal has brought confidence back into today’s markets. The Greek debt issue has been a hand break on the markets march higher. If Greece meets its pledge under the bailout plan it can now expect to receive its next tranche of payments which is positive for risk assets and currencies.

The Aussie dollar has been a beneficiary of the deal struck between the Eurozone and the IMF. A break above 1.05 is now expected in the coming days and could continue higher if the RBA holds at its next meeting.

While Congress has been on a break the US market has managed to sustain gains, however now that they are back at it the fiscal cliff talk will continue to be the main topic point.

Talk that the republicans are preparing to cave in on their “no tax hike” beliefs have the markets pricing that a resolution is near. If the compromise starts to fade we will see quick moves that reduce the current risk premiums in US markets.
ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news