Event of the day-meeting of European Finance Ministers on the Greek issue - 26.11.2012

The single currency vs. Japanese yen has reached the 7-months high. It is traded being coupled with US dollar near 4-weeks high, being supported by expectations that Greece is finally to receive the financial aid. We remind that negotiations between international creditors for Greece are continuing. Last week, German Chancellor, Angela Merkel expressed the hope that the agreement on the aid would be reached this week. According to Reuters, French Finance Minister confirmed that the parties are close to being agreed. The EURUSD currency pair rose to 1.2989 last Friday, that was the record high level in November. According to results of today negotiations, the European currency slightly fell down to 1.2950. The EURJPY currency pair rose today to 107.12, the highest level since April 27th, however it fell down to 106.00, at the gate of European trading session. In the back of the optimism, the risk sensitive currencies strengthened vs. US dollar last Friday: in particular, Canadian and Australian dollars rose to 3-weeks maximums. Probably, the decision in concern with financial aid for Greece that is widely expected among investors is already made back at the price of many assets. In this regard, further delays in making decision by international creditors could be a powerful impetus for price pullback. There are no important macroeconomic data expected for today, so we are focused on the decision concerning Greece.