There is nothing new but no good news not more

The Greece returned to haunt the foreign exchange market. Well oriented in the four previous sessions, the euro gave ground yesterday against the greenback. Later in the day, the single currency is exchanged 1,3559 dollar, against 1,3663 dollar, the previous day. The euro also fell against the pound, which has, in addition, benefited of a survey showing ahead of the conservatives in the upcoming elections.

Greek tragedy continues to animate the markets news. The IMF has said that he would send a mission Monday to discuss conditions for a willing potential (see page 8). At the same time, the Greece asked yesterday to begin discussions with the European Commission, the European Central Bank and the international monetary Fund on a program of economic policy, that this constitutes a request for assistance. According to the ANA Agency, the Greece including wants to know the amounts of the loans which would benefit after 2010. "There is nothing new, but no good news not more." It is not known how the agreement indicated last weekend (45 billion euros of loans, Editor's note) will be implemented. Some fear that recourse to justice prevent its implementation. For the market, the risk of default has not been eliminated, said Jean-Louis Mourier, Economist of Aurel. In addition, many operators play the volatility, which autoentretient it. "" Uncertainty weighs on several levels: one wonders if the Greece will actually take the aid proposed, and in what condition and/or if it will issue in the market and how ", says René Defossez, strategist of Natixis.

Concerns of yesterday have been powered, among other things, Dow Jones information - contradicted by a Greek official, according to Reuters - that the country could revise downward the amount that it may throw dollars at the end of the month. It could even abandon, according to the Agency, if the interest of investors is eroded.

Rumours of workflow vendors

Sign of the nervousness waving markets, the gap between the Greek 10-year rate and 10-year German was 400 points base, late in the afternoon, very close to its record of last week, according to data of Natixis. The Greek aged 5 CDS reached 455 basis, meeting points, over the high point of last week, according to Reuters. "L es tensions persist since the beginning of the week: the market is not convinced by the weekend plan", said René Defossez. "There are rumours d ' flows from sellers of large institutions", adds Philippe-Henri Burlisson, Director of the fundamental management of Groupama AM.

Us statistics of the day proved to be mixed, and have had a limited effect on the foreign exchange market, in the opinion of several experts. Announcement of China's growth has been of major impact.

In detail, new applications for unemployment in the United States have higher expectations and industrial production in March was disappointed. Conversely, the index "Empire Manufacturing", as the Philadelphia Fed index were higher than forecast. The dollar has somewhat benefited from the publication of a surplus in the US balance of flows of capital invested in the long term more than expected in February.

In the current context, a number of specialists provide a continuation of the decline of the euro. Natixis, he could receive a technical resistance at 1,3250. Aurel shown in 1.33 dollar in three months. The currency has given more than 5 against the greenback since the beginning of the year.