SpotEuro Forex Daily Outlook March 2, 2010

A very fierce trading session yesterday. Initially, the market did just as expected, the euro started gaining ground before and during the first several hours of the London session but things crashed soon after more news came out in regards to Greece and the EZs bailout. Several factors played a role:

1.Germany announced they had not budgeted the bailout into their 2010 budget
2.The bailout would only be granted if Greece achieves its 2010 deficit target.
3.EU Monetary Affairs Commissioner said that Greece must deepen measures to reduce its budget deficit after meeting with Greek FM.

The pound dropped to test 1.48 after polls showed that Gordon Browns party trailed the minority party, leading traders to believe that the UK will face problems cutting the nations record deficit. A very tough market to say the least as any bit of news will add much volatility.

Dont forget, we will be hosting a Live! Trading session today, Tuesday, March 2nd, 1500 GMT/10am EST. Premium members may access the direct link in the Members Downloads section. The room will be open 20 minutes prior to trading.

If youd like a more detailed analysis with potential trade opportunities during our live trading session, please join us in the members area. Please visit us at www.spoteuro.com

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