The crucial Federal Reserve meeting held yesterday saw members leaning towards the possibility of economic stimulus. The increase possibility of stimulus caused the USD to plummet against most major currencies this morning in Asian trading. Disappointing existing home sales numbers also pushed down the value of the greenback. The USD/CAD is down 0.27% and trading at 0.9888, while the EUR/USD is up 0.14% and trading at 1.2546.
The only major report scheduled for release in Europe is the German Flash Manufacturing PMI at 7:30am GMT. In the United States today, the Unemployment Claims report will be released at 12:30pm GMT. This report reveals the number of individuals who filed for unemployment insurance for the first time during the past week. Also in the U.S., the New Home Sales numbers will be released at 2:00pm GMT. In Australia tonight, the Governor of the Reserve Bank of Australia will be addressing the House of Representatives.
Greece feels the heat
European officials are pointing a loaded gun at Greece, emphasizing that the Eurozone member has one last chance to prove that it is serious about economic reform. The Greek government has stated that it wishes to delay further cuts, but many top European officials are not impressed. "As far as the immediate future is concerned, the ball is in the Greek court." In fact this is the last chance and Greek citizens have to know this,” said Jean-Claude Junker, the head of Eurogroup. If Greece does not receive further bailouts, then its exit from the economic union is inevitable.