Economic Calendar

Wednesday, February 10, 2010

Greece Bailout Rumors Continue To Swirl

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Daily Forex Fundamentals | Written by AC-Markets | Feb 10 10 11:14 GMT |

Market Brief

Stocks rallied, with emerging-market equities recovering from the worst three-day slide in a year, and the EUR and commodities gained as European officials said they were considering financial assistance for Greece (but since has been heavily refuted). The S&P 500 Index rose 1.3% while the MSCI Emerging Markets Index increased 1.9% after falling 6.1% in the past three sessions. The EUR strengthened the most in more than five months against the USD, snapping four days of declines, and ended a three-day drop against the JPY. Oil, copper and aluminum surged at least 2.2% to help lead gains in commodities. The S&P 500 erased yesterday's 0.9% drop and the DJIA rallied above 10,000, increased 150.25 points, or 1.5%, to 10,058.64 for its biggest gain since Nov. 9. The EUR climbed as much as 1.4% against the USD, its biggest gain since Sept. 8. The EUR appreciated 1.4% versus the JPY and 0.2% compared with the GBP. US wholesalers unexpectedly fell in December after the biggest increase in more than five years, indicating distributors had trouble keeping up with demand. The 0.8% decrease in stockpiles followed a revised 1.6% gain in November that was the largest since July 2004.

ACM FOREX

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