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    Thumbs up Follow the latest news @ Empire Global

    Follow the latest market news with relevant information for investors and money managers. Empire Global FX brings you the latest information from the world markets to grow your investment. Trade in CFD'S, commodities, metals, currencies and indices in ECN environment. Different payment services available, and local deposits all over Europe. Managed accounts service starting at 10.000 USD and trading contests for self-traders.

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    Greece to debate austerity package under EU pressure | Reuters

    A Greek minister warned on Monday of "catastrophe" if parliament blocked a 28 billion-euro ($40 billion) package of tax increases and spending cuts after signs of revolt by some deputies in the ruling PASOK party.


    Greece's conservative opposition has rejected EU leaders' calls for national unity, forcing Prime Minister George Papandreou to rely on his slim parliamentary majority to push through the package.

    Without approval for the measures, the European Union and International Monetary Fund say they will not disburse the fifth tranche of Greece's 110 billion-euro bailout program.

    Athens needs the 12 billion euros to pay its bills next month and avert the euro zone's first sovereign default, which would send shockwaves through a jittery global financial system.

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    Thumbs up Gold back above $1,500/oz on euro zone worries

    Gold rose back above $1,500 an ounce on Monday as concerns over heavily-indebted Greece helped the precious metal recover from the near six-week low it hit earlier amid broad-based selling of commodities.

    Spot gold was bid at $1,502.00 an ounce at 1127 GMT (7:27 a.m. EDT), against $1,499.53 late in New York on Friday. U.S. gold futures for August delivery rose $1.90 an ounce to $1,502.80.

    Simmering worries over this week's Greek parliamentary vote on austerity measures and its impact on a European Union bailout package are preventing a further fall in prices, analysts said, despite ongoing weakness in other commodities.

    "In the short term, it is the usual story -- gold gets caught up as a commodity, and rallies as a currency," said Simon Weeks, head of precious metals at the Bank of Nova Scotia.

    Gold fell as low as $1,490.90 an ounce in early trade as oil and industrial metals extended last week's hefty drop. U.S. crude oil futures fell toward $90 a barrel after the International Energy Agency said it would release emergency reserves, and copper, lead and nickel prices also slipped
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    Default Brent lower ahead of key Greek vote

    Brent crude futures fell to around $104 a barrel on Monday after below-expectations data from the U.S. and ahead of a vote in Greece to approve an unpopular austerity plan vital to securing a new bailout.

    Brent crude futures were 97 cents lower at $104.15 a barrel by 1251 GMT (8:51 a.m. EDT), having plumbed earlier lows of $102.28. U.S. light crude futures fell 66 cents to $90.50 a barrel, after touching lows of $89.82 earlier.

    "The price of Brent could fall further to around $100 a barrel this week," UniCredit research analysts said in a note. "We currently have a soft-patch scenario for the economy, but risks have clearly increased."

    Brent and U.S. crude futures slipped slightly in choppy trading Monday, reacting to data showing personal income rose less than expected in the United States in May and personal spending remained flat, also below expectations.

    For full article please visit Brent lower ahead of key Greek vote | Reuters
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    Thumbs up Greek debt plan lifts world stocks

    Asian stocks rose and the euro edged up on Tuesday as investors cheered an agreement by French banks to roll over Greek debt, a move that could lessen the chance of a destabilizing default by the nation at the heart of Europe's debt crisis.

    The radical French proposal came as the Greek parliament began debating unpopular austerity measures that are the price of further aid from international lenders.

    Rising confidence that the five-year program will pass when Greece's fractious lawmakers vote on Wednesday and Thursday encouraged investors to return to riskier assets sold off in recent weeks, with U.S. stocks gaining nearly 1 percent on Monday to end a three-day losing streak. .N

    "There will probably be some easing in the risk-off mode that the market is in, and such an outcome is likely to be positive for risky assets such as equities," said Koji Fukaya, director of global foreign exchange research at Credit Suisse Securities.

    Japan's Nikkei .N225 rose 1.1 percent on Tuesday, while MSCI's broadest index of Asia Pacific shares outside Japan .MIAPJ0000PUS gained 0.3 percent.

    Full article @ Greek debt plan lifts world stocks | Reuters

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    Post Breaking News: Lagarde wins IMF's top job.

    French Finance Minister Christine Lagarde was elected the managing director of the International Monetary Fund, maintaining Europe's grasp on the top job at the global lender.

    Full video at France's Lagarde wins IMF's top job | Video | Reuters.com
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    Post Euro up for first week in four vs dollar

    The euro headed for its first weekly rise in four weeks against the U.S. dollar on Friday, but further gains looked limited by doubts Greece's debt crisis was over despite easing fears of an immediate default.

    The European single currency earlier climbed to a three-week peak above $1.45, helped by an increase in risk appetite. It then retreated as traders squared positions ahead of the long holiday weekend in the United States.

    The Greek parliament passed two crucial austerity bills this week, opening the way for international lenders to release a 12-billion-euro ($17 billion) loan installment that Athens urgently needs to stave off bankruptcy.

    Uncertainty about the longer-term solution remained. Euro-zone finance ministers are scheduled to hold preliminary talks this weekend on the second financing package for Greece for 2011-2014, which could total up to 120 billion euros ($175 billion).

    For full article, please visit Euro up for first week in four vs dollar | Reuters
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    Last edited by EmpireGlobalfx; 07-01-2011 at 19:16.

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    Post Eurozone agrees to further €12 billion for Greece

    Eurozone finance ministers have agreed to an additional 12 billion euros in bailout funds for debt-crippled Greece, days after the Greek parliament passed a new raft of austerity measures amid violent protests in the capital, Athens.

    Euro zone finance ministers agreed on Saturday to disburse a further 12 billion euros to Greece and said the details of a second aid package for Athens would now be finalised by mid-September.

    After a conference call, the 17 euro zone ministers agreed that the fifth tranche of a 110-billion-euro bailout agreed with Greece in May 2010 would be paid by July 15, as long as the IMF’s board signs off when it meets on July 8.

    The payment will allow Greece to avoid the immediate threat of default, but the country still needs a second rescue package, which is also expected to total around 110 billion euros and which ministers said would be worked out “in the coming weeks”

    For full article please visit Eurozone agrees to further €12 billion for Greece - GREECE - FRANCE 24
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    Euro extends gains vs friendless USD
    The euro rose to a one-month high against the dollar in Asia on Monday while commodity currencies like the Australian dollar held onto last week's hefty gains, as diminishing worries about Greece prompted investors to embrace risk.
    Trading though is expected to be subdued with U.S. markets shut for the Independence Day holiday.

    Euro zone finance ministers on Saturday approved a 12 billion euro instalment of Greece's bailout and said details of a second aid package for Athens would be finalised by mid-September.

    However, they signaled that Greece must expect significant losses of sovereignty and jobs. As well, whether Athens can successfully implement the reforms demanded by international lenders remains to be seen. All of which means the euro's path higher will be strewn with obstacles.

    Still, BNP Paribas analysts said if it became clear that dips aren't running much below $1.4500, real money investors would be tempted to add long euro exposure in the week ahead and leveraged accounts would also start betting on further gains in the common currency.

    "Thursday's ECB meeting now looms large. The easing of Euro peripheral stress should allow markets to re-price further policy moves from the central bank, perhaps following the message to be delivered by ECB President Trichet following the rate rise set to be announced on Thursday," they wrote in a note.

    The euro last traded at $1.4572, extending last week's 2.5 percent rally -- its heftiest since January. The breach of last week's high around $1.4551 triggered more stop-loss buying, traders said.

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