- the speech of the EDF left completely unchanged all the principal factors, including interest rate, the programme of purchase of asset and the central parts of the speech.

- The American actions set out again with the rise, following the advertisement of the EDF.

- The positive feeling gained the Asian markets, where the indices record strong profits.

- Pair EUR/USD briefly passes under the level of 1.40, for the first time since the month of last July.

The day of yesterday was full with significant events, which perhaps made it possible to find the appetite of the risk, for the moment. The American markets actions reacted very favorably to the advertisement of the EDF, which did not change its commitment to leave the low rates “for one prolonged period time”, and which improved its opinion of the economy in general.

The positive feeling continued on the Asian markets, where important profits are recorded. At the same time Nikkei and Hang Seng are in rise of 1.5% at the time of the writing of these lines, whereas the future ones on the S&P are again with the rise.

One awaits today the breaking news of the Greek face as well as the continuation of the results of the fourth quarters. One also awaits the vote of confirmation of Bernanke for today.

In Euroland, the European commission will deliver economic situation for December. One awaits in the United States the results of the sales of durable goods and those of unemployment, through the requests for allowances unemployment. Those should continue their fall. If not, the markets should badly react. The sales of durable goods are an important sign of recovery, and this is why the markets will read these results attentively.

On the foreign exchange market, the Euro continues to suffer from the problems of Greece and Portugal. It spent this morning for the first time since July under the bar of the 1.40. Indeed, the two countries are always under the magnifying glass of the investors, who fear for their capacity to refund their debts. All that is obviously not good for the Euro, which loses ground vis-a-vis in the majority of the other currencies. USD was also reinforced vis-a-vis the JPY and the pair passed by again above 90. The cyclic currencies, like the NZD for example, profited from the positive feeling on the markets and are in rise, even vis-a-vis the dollar, although “kiwi” did not receive any support of the RBNZ, the New Zealand central bank, which kept its unchanged rates with 2.50%, the last night.

Year 2009 was characterized by a bond opposed between USD and the actions. The more the actions went up, the more USD dropped. On the other hand, this bond has weakened for a few months now and one lived a day as lately as yesterday when the UDS was reinforced, as well as the markets actions. This change reflects the change of priorities on the market of the forex, which gives again apparently more importance with interest rates than with the actions.

Technically, pair EUR/USD could go down until the area from 1.3832/1.3755, following the break of the resistance of 1.4007

The declarations of Jean-Claude Juncker in connection with Greek public finances created a feeling of insecurity around the euro and benefitted the dollar, which crossed the levels of 1.0500 (higher to 1.0554). This level has highest been recorded for 6 months and it is justified by the probable end of low interest rate in the United States.
The last vote for the maintenance of the current monetary policy was not done unanimously and a forthcoming rise of the rates would support the dollar. We are now “shorts” on the parity sale to 1.0500 and we await a return of the parity under this level.

EUR-USD According to Axel Weber, one of the leaders of the ECB, “the crisis certainly is not finished yet!”. Fears related to the financial health of Greece, as well as waiting of the meeting monetary policy committee of Federal fund (FOMC) yesterday evening, have made plunge the single currency on its low level for 6 months, to 1.3933 with low. The dollar continued to profit from a purchasing current fort and we think that it would be useful to benefit from this clearing to buy the parity under the 1.4000, for a medium-term return above 1.4500.

USD-JPY the overseas investments increased by 230.1 billion yens in the Japanese purses and 663.8 billion yens in the Japanese obligations. The sales of detail are in fall of -0.3% for December. Following the decision of the FOMC, the purses set out again with the rise, causing a fall of the yen. The USD/JPY is assembled from 89.15 to 90.39 and cross-country race EUR/JPY from 125.25 to 126.73. The point pivot of 90.00 remainder invariably of topicality.
EUR-CHF the euro against Swiss franc was not touched by the turbulences recorded by the principal parities. The channel of 1.4700 - 1.4750 held and should continue today (low to 1.4710 and higher to 1.4739 during the last 24 hours).

GBP-USD Surprisingly, the declarations of Andrew Sentance in connection with British inflation do not have affected delivers it, quite to the contrary! The market, having a presentiment of a probable end of the programme of injection of liquidity undertaken for several months by the central bank, has profited to massively buy the GBP/USD, which flew away up to 1.6245 before folding up itself slightly. Today, the rise should find a good resistance towards the levels of 1.6285.The situation of January 28th on the markets printable Version To suggest by e-mail