Saxo Bank has released a new macro view video featuring Steen Jakobsen, Chief Economist, Saxo Bank, taking a look at the expectations for three key meetings this week: the Federal Open Market Committee, the European Central Bank and the Group of 20 leaders. He also addresses the implications of Greece's surprise referendum on its aid package and austerity programme.
Jakobsen commented that the G-20 meeting (November 3-4) needs to deliver actions rather than more supportive talk for the troubled Eurozone. Focus will be on the announcement of concrete financial measures of commitment via the International Monetary Fund in order to appease the prevailing uncertainty.
This uncertainty was exacerbated by Greece's call for a referendum on its new aid package and austerity measures, thereby possibly threatening European leaders' attempts last week to secure the Eurozone's future.
Prior to G-20 the Federal Open Market Committee meets. Despite a spate of moderately encouraging US data of late the committee is expected to merely confirm a supportive wait and see approach and possibly only allude to a third round of Quantitative Easing.
The European Central Bank meeting, also this week, which is the first to be chaired by the new President Mario Draghi will be interesting to watch to see if he already now cuts rates and thereby reverses the apparent error of his predecessor.
Jakobsen commented that being Italian and with much focus on his troubled homeland, there is an expectation that Draghi will be even tougher on ensuring that Italy shapes up, particularly considering a disappointing bond auction last week which indicates the increasing problem Italy has in financing its debt.
The full video, as well as other forex videos, can be found at video.saxobank.com.
About Saxo Bank:
Saxo Bank is a leading online trading and investment specialist, assisting clients in forex trading, CFDs, Stocks, Futures, Options and other derivatives. The three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application are available in over 20 languages. Saxo Asset Management accommodates high-net worth private clients and institutional investors. In 2011 Saxo Bank continued the diversification of its business and launched Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East and Australia.
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