The week is closing note the fiscal situation of central Greece. Earlier today, the president of the European Central Bank (ECB), Jean Claude Trichet, has reconfirmed that the country which will not enter the Euro Zone and not the default suspend payments, making clear the full support of the monetary authority in the country Hellene. It is clear that the fall of Greece would question the economic sustainability of its other members, so, Trichet’s words have given a respite to the euro and equity markets.

The key is to know that in yesterday’s Greek Finance Minister Giorgos Papaconstantinou said that the country will continue to issue debt despite the high rates of government bonds in that country in the markets. At the conference yesterday, the Greek bond yields reached 7.32%, its highest ever since the adoption of the euro by Greece in 2001, because of lingering concerns about the ability of this country to pay its huge debt . » Read more: Euro rebounded after comments from Trichet

At the conference today, the eyes will be on three key activities, the Initial jobless in the U.S., that will give us an overview of American labor sector, and decisions on interest rates European Central Bank (ECB) and Bank of England (BoE). Although taken for granted that the ECB will not increase the value of money, currently at 1%, it is expected the outlook for the monetary authority on the European economy and the fiscal situation in Greece. With regard to the BoE, not expected changes in rates (0.5%) although expectant traders await an increase in the “Quantitatve Easing Program”, currently consists of 200,000 million pounds.

Importantly, the euro continued to depreciate against the greenback, bringing the annual minimum located at 1.3276, after news a possible suspension of payments by Greece, as well as the government will help Helen to the country’s major banks who have suffered losses of more than 10,000 million euros. Despite the confirmed participation of the International Monetary Fund (IMF) in the Greek rescue plan, the outlook for the member of the bloc remain bleak. » Read more: Euro loses position after Greece’s fiscal outlook

Today will be an important day for the euro, to begin the summit of the Commission of the Euro Zone, where they expected a final decision on the ambitious plan cuts Greece, participation or not the IMF and aid to other countries danger such as Portugal and Spain. For its part, the eyes will be on Germany and its chancellor, Angela Merkel, the refusal to provide aid to Greece and to accept help from other international agencies, increasing the prospects of instability in the economic bloc. In the market, traders continue to focus on the target of 1.30-1.25 bearish in the short term if not reach agreement in the coming weeks. Among other things, observe as the pound recovers from losses in yesterday’s session, after the British Finance Minister Alistair Darling, announced the government budget for 2010. Among the initiatives to promote growth, Darling announced a special package of 2,500 million pounds for the industry, as well as investments in sectors such as digital and unemployment benefits. However, a measure that has affected the market has been the elimination of property taxes for people first entering the housing market. Finally, the highest authority in finance in the United Kingdom reiterated its commitment to halve the deficit (currently estimated to be 12.6% of GDP) for the next four years and said the debt will be in 170 billion pounds by the end of this year.

Among other things, yesterday we met during the Asian session that the Gross Domestic Product (GDP) from New Zealand stood at 0.4% in the monthly rate, while in the year, the New Zealand economy contracted 1.3%. As a result, the kiwi has depreciated 25 pips against the dollar at the time of posting, posting a daily minimum at 0.6994. » Read more: Day for the euro after European Summit

The severe economic crisis in Greece and the lack of instruments in the European Union to come to the rescue of one of its members to weaken the currency of the old continent, adding the ads of Fitch, to indicate that you could lose your rating credit if it cuts its fiscal deficit. Meanwhile, the U.S. firm reported that Spain’s economic risk is very high, prompting a spike in risk aversion. For its part, the European Commission announced it was ready to propose the creation of a European Monetary Fund, an organization similar to the IMF, to deal with future debt crises in the Euro Zone and avoid another fiscal crisis like the economy registered in helena.

Furthermore, the yen advanced against the greenback positions, after major Japanese firms engage in profit-taking after the close of the fiscal year. An estimated total of benefits varies by 16,000 million. With respect to the pound sterling, the British currency lost strength after the results in the housing sector. So far, we have learned that the Consumer Price Index in Switzerland came in below forecasts, as it fell by 0.9% on-year rate, while the monthly has returned to positive territory. It has been reported the results of the UK trade balance. According to the National Bureau of Statistics, imports have increased, recording a deficit of 8,000 million pounds in January. » Read more: Uncertainty in Europe weakens Euro