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IFX Kerstin
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Yen Rises Against Majors
The Japanese yen advanced against its major opponents in Asian morning deals on Tuesday.
The yen is now trading at 78.54 against the greenback, 102.87 against the euro, 84.72 against the franc, 127.57 against the pound and 64.81 against the kiwi.
Against the Canadian and Australian dollars, the yen is trading at 4-day highs of 80.55 and 82.06, respectively.
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Yen Slightly Off Early Lows Against Pound And U.S. Dollar
The Japanese yen that declined against the pound and the U.S. dollar in early Monday Asian trading bounced back slightly shortly thereafter.
The yen is now trading at 126.91 against the pound, compared to a 4-month low of 127.35 hit in early deals.
The yen also recovered from a 10-day low of 78.49 against greenback and the pair now trading at 78.22.
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Meet the winners!
Another week of contests held by InstaForex is over so we congratulate the winners! The competitions become much stiffer each week with participants having a great desire for victory. We are pleased that our contests attract traders from all over the world and make their trading profitable and exciting pastime!
Let's have a look at the results.
FX-1 Rally
The contest track of this week was difficult, but FX-1 Rally racers managed to overcome the obstacles and reach the finish. Valeriy Pugach from Ukraine has become the one who got ahead of the other participants. Congratulations to Mr Pugach! If you like high-speed trading, you are welcome to show yourself during the next step of the contest. FX-1 Rally starts at 00:00 and finishes at 23:59 (GMT+3) on September 21, 2012. We remind that the registration is over one hour before the contest begins.
InstaForex Sniper
InstaForex Sniper held every week is one of the most favorite contests among our customer’s demo accounts. Not everyone has managed to hit the bull's eye, but there are some sharpshooters on Forex market. This time Vergil Jay Aglipa from Philippines has been the best one. Take part in InstaForex Sniper and win too! You are welcome to register for the contest, which will take place within the week of September 24-28, 2012.
One Million Option
InstaForex Company offers a wide choice of contests that will appeal to everyone's taste. So this particular contest was developed for traders who like options trading. It is an opportunity to train useful skills and win $1500! This week the prize went to Andry Gunawan from Indonesia. You have the chance to win too, but during the next step of the contest. It will be held from September 24, 2012, to September 28, 2012.
Trade Wise, Win Device
One of the most popular campaigns by InstaForex has its prizewinner this week! GalaxyTab goes to Vadim Myasoedov! If you want to get cutting-edge gadgets, such as iPad, iPhone, Blackberry or Samsung Galaxy Tab, make sure to register for the next step of the campaign. You have a matchless opportunity to win from September 16, 2012, until September 28, 2012. Play and win with InstaForex!
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New Zealand Food Prices -0.5% In August
Food prices declined 0.5 percent on year in August, Statistics New Zealand said on Friday, after falling 1.8 percent in July.
Among the individual categories, prices were down 2.1 percent for grocery food and 0.7 percent for meat, poultry and fish. Offsetting the decline, restaurant meal prices were up 1.3 percent.
"Food prices are slightly lower than a year ago, reflecting cheaper vegetables, dairy products and lamb," prices manager Chris Pike said in a statement accompanying the data "Annual food prices have now fallen for four months in a row. This hasn't happened since 2010, when a run of four annual falls also ended in August."
Among individual items, lettuce was down 39 percent, followed by fresh milk (down 9.2 percent), and broccoli (down 50 percent). Lamb prices decreased 19 percent from their peak in August 2011.
The food items that increased most for the year were: tomatoes (up 26 percent), fresh chicken pieces (up 9.2 percent), and kumara (up 90 percent).
Kumara prices reached their highest level since February 2008, influenced by low prices in August 2011 and poor weather conditions in both the planting and harvesting seasons, which affected this year's crop.
On a monthly basis, food prices were up 0.1 percent after adding 0.2 percent in the previous month.
Fruit and vegetable prices rose 1.5 percent, reflecting higher tomato prices (up 31 percent). Non-alcoholic beverage prices rose 1.3 percent, reflecting higher prices for fruit juice and soft drinks.
These prices were influenced by less discounting than in July 2012. Grocery food prices fell 0.7 percent - the fifth fall in six months.
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NZ Dollar Slips Versus Majors As RBNZ Holds Official Cash Rate Unchanged
The New Zealand dollar edged down against major opponents after the announcement of Reserve Bank of New Zealand's interest rate decision in early Asian trading on Thursday. The Reserve Bank of New Zealand left its Official Cash Rate (OCR) unchanged at 2.5 percent.
The OCR has held steady at 2.50 percent since March 2011.
At present, the NZ dollar is trading near 63.84 against the Japanese yen, 1.5746 versus the euro, 1.2775 against the Australian dollar and 0.8198 versus the US dollar.
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Japan Tertiary Industry Index Falls 0.8% In July
An index measuring tertiary industry activity in Japan was down a seasonally adjusted 0.8 percent on month in July, the Ministry of Economy, Trade and Industry said on Wednesday - coming in at 98.7.
That missed forecasts for a contraction of 0.5 percent following the upwardly revised 0.2 percent increase in June.
Industries that contributed to the decrease included wholesale and retail trade, transportation, finance, personal services, accommodations and learning support.
Industries that contributed to the increase included utilities, real estate, communications, scientific research and health care.
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Japan Final Q2 GDP +0.2% On Quarter
Japan's gross domestic product added just 0.2 percent in the second quarter of 2012 compared to the previous three months, the Cabinet Office said on Monday in a revised reading - again suggesting that the recovery from the March 2011 earthquake and tsunami remains stuck in neutral.
The headline figure was down from last month's preliminary reading of 0.3 percent, and it was significantly lower than the 1.2 percent gain in the first quarter.
Nominal GDP was down 0.3 percent on quarter, revised from -0.1 percent in the preliminary ready and missing forecasts for -0.2 percent.
Capital spending was up 1.4 percent on quarter, down from the original read of 1.5 percent but still topping forecasts for a 0.9 percent increase. Its contribution to growth was unchanged at 0.2 percentage points.
But private sector inventories removed 0.2 percentage points from growth and net exports took off 0.1 percentage point.
On a yearly basis, GDP was up 0.7 percent - cut in half from the preliminary reading that showed a 1.4 percent increase, and missing forecasts for a slide to 1.0 percent. GDP had surged 4.7 percent in the previous three months.
The GDP deflator fell 0.9 percent on year, beating forecasts for a 1.1 percent contraction, which would have been unrevised.
Also on Monday, the Ministry of Finance said that Japan posted a current account surplus of 625.4 billion yen in July, down 40.6 percent on year. The headline figure blew away forecasts for a surplus of 485.6 billion yen and an annual decline of 52.0 percent. That follows the 433.3 billion yen surplus and the 19.6 percent annual contraction in June.
The trade balance came in at a deficit of 373.6 billion versus forecasts for a shortfall of 439.5 billion after posting a surplus of 112.0 billion in June. Exports were down 7.4 percent on year to 5.118 trillion yen, accelerating from the 1.5 percent annual contraction in June. Imports collected 1.9 percent on year to 5.491 trillion yen after easing an annual 1.2 percent in the previous month.
The adjusted current account reflected a surplus of 335.4 billion yen, missing forecasts for a surplus of 389.0 billion yen following the 773.6 billion yen surplus in June.
Also, the Bank of Japan said that overall bank lending in Japan was up 1.1 percent on year in August, coming in at 396.432 trillion. That was in line with expectations following the downwardly revised 0.9 percent annual increase in July - which was originally pegged at 1.0 percent higher.
Including trusts, bank lending added 0.9 percent on year to 458.219 trillion yen - up from the 0.7 percent increase in the previous month. Lending from foreign banks plummeted 21.7 percent on year to 2.147 trillion yen, after plunging an annual 22.4 percent a month earlier.
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IMF Says Ready To Cooperate With ECB On New Program
The International Monetary Fund is ready to work with the European Central Bank in the effective implementation of its new crisis-fighting measures, IMF Managing Director Christine Lagarde said on Thursday.
Welcoming the ECB decision, she said "the IMF stands ready to cooperate within our frameworks."
Decisive implementation of the new intervention program will help repair monetary transmission, and support countries' efforts to secure finance at a reasonable cost while they undertake sustained macroeconomic adjustment, Lagarde said.
"We see the ECB's action as an important step toward strengthening stability and growth in the Euro Area," she added.
Meanwhile, in a regular press briefing on Thursday, IMF External Relations Department Director Gerry Rice said the IMF mission will go back to Athens around the middle of next week.
Confirming earlier reports, Rice said a conversation did take place between Lagarde and Greek Prime Minister Antonis Samaras and they discussed the current economic situation in Greece and developments in the euro area.
Responding to a query on a possible Spain bailout, he clarified that Spain has not requested IMF financial support and the Fund is not working on any plan in this regard.
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South Korea GDP Downgraded In Q2
South Korea's gross domestic product was up 0.3 percent in the second quarter of 2012 compared to the previous three months, the Bank of Korea said in Thursday's final reading.
That was down from July's preliminary reading that called for a 0.4 percent increase following the 0.9 percent gain in the first quarter.
Real gross national income rose 1.2 percent on quarter, while nominal gross national income eased 0.2 percent.
On the production side, manufacturing declined 0.2 percent owing to the decrease in sub-sectors such as electrical and electronic device and petroleum, coal and chemical products, the bank said.
Construction shed 2.7 percent as buildings construction was sluggish. Services grew by 0.5 percent, with gains for instance in financial intermediation, information and communications, and health & social work.
On the expenditure side, private consumption added 0.4 percent as expenditures on durables and semi-durables increased. Facilities investment dropped by 7.0 percent, particularly in semiconductor manufacturing equipment and communications equipment. Construction investment dipped 0.4 percent, in line with the sluggishness of buildings construction, the bank said.
Exports of goods fell 1.4 percent, led by those of automobiles and petrochemical products. Imports of goods dropped by 1.8 percent as imports for example of electronic equipment and general machinery decreased.
On a yearly basis, GDP came in at 2.3 percent - again slowing from 2.4 percent in the advance estimate. The economy expanded 2.8 percent in the previous three months.
On the production side, the manufacturing sector climbed 2.6 percent on year, due to growth in sub-sectors such as transport equipment and metal products. Construction lost an annual 2.0 percent, with the sluggishness in both building construction and civil engineering. Services grew 2.6 percent on year, centering on health and social work and financial intermediation.
On the expenditure side, private consumption jumped an annual 1.1 percent, buoyed by increased expenditures on recreational products, insurance services, and telecommunication services.
Facilities investment dropped 3.5 percent on year, as investment in machinery such as semiconductor manufacturing equipment and in transport equipment such as ships decreased, the bank noted. Construction investment decreased by 2.1 percent year-on-year, as both buildings construction and civil engineering were sluggish.
Exports of goods spiked 2.1 percent on year centering around those of metal products and semiconductors, but imports of goods dropped by 0.1 percent year-on-year with decreases for instance in steel product and general machinery imports.
Nominal gross national income eased 0.2 percent on quarter, with nominal gross domestic product dipping 0.4 percent and despite higher net factor income from abroad including dividend income.
Real gross national income expanded 1.2 percent, higher than in the previous quarter as, in addition to the decrease in the magnitude of real-term losses from trade on improved terms of trade, real net factor income from abroad increased.
The GDP deflator increased 1.2 percent year-on-year. The gross saving ratio was at 31.2 percent, similar to the previous quarter's 31.3 percent. The gross domestic investment ratio was at 27.7 percent, 1.8 percentage points lower than in the previous quarter.
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Euro Trades At 2-week Low Against Canadian Dollar
After moving sideways at the beginning of the session, the European currency resumed downtrend against its Canadian counterpart on Wednesday morning in Asia.
The euro reached a 2-week low of 1.2357 against the Canadian dollar, down almost 0.3 percent from Tuesday's North American session closing value of 1.2393.
The euro-loonie pair is expected to extend its bearish bias as the currency cross reversed direction from the 23.6 percent retracement level of 1.2455 between its February highs and August lows in the daily chart.
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Australia Current Account Deficit A$11.8 Billion In Q2
Australia saw a current account deficit of A$11.801 billion in the second quarter of 2012, the Australian Bureau of Statistics said on Tuesday.
That beat forecasts for a shortfall of A$12.2 billion following the A$14.892 billion deficit in the first quarter.
Net exports are expected to contribute 0.3 percentage points to GDP, below forecasts for 0.6 percentage points but up from -0.5 percentage points in the previous three months.
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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m
News
Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists
However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July
Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct
But those rises were offset by decline in footwear, holiday travel, computing equipment
Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year
RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting
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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m
News
Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists
However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July
Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct
But those rises were offset by decline in footwear, holiday travel, computing equipment
Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year
RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting
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Australian Inflation Gauge rise Unexpectedly by 0.6 Pct M/m
News
Australian inflation gauge rose by banking group TD was up 0.6 pct yy in Aug, more than 0.2 pct rise expected by economists
However, on yy basis inflation still remains in RBA's comfort zone with prices up 2.2 pct yy in Aug after 1.5 seen in July
Prices of fruits and vegetables were up 7.2 pct yy while petrol prices rose by 7.2 pct
But those rises were offset by decline in footwear, holiday travel, computing equipment
Trimmed mean of inflation measure also grew by 0.6 pct with 2.2 pct growth from last year
RBA is not expected to make any changes to it's 'appropriate monetary stance' at upcoming meeting
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Fed Has Room for more Easing says Boe'd Posen
US federal reserve has more room to ease further, said BoE's Posen, while passing a QE baton to US fed.
BoE's Posen will completes his term at BoE today, was talking at Jackson Hole symposium where Bernanke is scheduled to speak today.
He said that its too early to judge impact of BoE's funding-for -lending program, and US should also consider something which may encourage banks to lend more
He also said that ECB should and probably doing everything to pull down Spanish and Italian debt yield and ECB's Draghi has skipped Jackson Hole, it's an "untrammeled good news
Quotes
"There is no inflation. Unemployment is too high... there is no crowding out in bond markets, the dollar has been perfectly strong. What definition of the Fed's mandate do you have that doesn't say that you should be trying to respond to this?"
- BoE's Posen
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Canadian Dollar Falls Against Most Majors
In the early Asian session on Thursday, the Canadian dollar slipped against most major currencies following a slide in oil prices.
Oil prices were lower yesterday also after report showed that oil inventories rose unexpectedly last week. The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 3.80 million barrels to 364.50 million barrels last week, and are above the upper limit of the average range for this time of year.
The loonie declined to a 2-day low of 0.9907 against the greenback and the next support level for the loonie is seen at 0.995.
The loonie also dropped to 79.45 against the yen and 1.2420 against the euro and the loonie may break 79.00 and 1.245, respectively on the downside.
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Australian Dollar Showing Choppy Trend Against Majors
The Australian dollar moved in choppy trend against its major rivals in early Asian deals Wednesday as traders likely remaining reluctant to make any significant moves ahead of remarks by Federal Reserve Chairman Ben Bernanke at the Kansas City Federal Reserve's Jackson Hole symposium on Friday.
The Australian dollar that fell to an 8-week low of 1.2130 against the euro at the beginning of the session snapped back above yesterday's closing quote of 1.2113 in mid-morning deals. The trend for the aussie was choppy since then, trading between 1.2125 and 1.2115.
The Australian dollar failed to make any significant headway against the rest of majors, moving in tight ranges of 81.57- 81.43 against the yen, 1.2903-1.2886 against the NZ dollar and 1.0378-1.0365 against the US dollar in most of the early Asian session.
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Australian Dollar Showing Choppy Trend Against Majors
The Australian dollar moved in choppy trend against its major rivals in early Asian deals Wednesday as traders likely remaining reluctant to make any significant moves ahead of remarks by Federal Reserve Chairman Ben Bernanke at the Kansas City Federal Reserve's Jackson Hole symposium on Friday.
The Australian dollar that fell to an 8-week low of 1.2130 against the euro at the beginning of the session snapped back above yesterday's closing quote of 1.2113 in mid-morning deals. The trend for the aussie was choppy since then, trading between 1.2125 and 1.2115.
The Australian dollar failed to make any significant headway against the rest of majors, moving in tight ranges of 81.57- 81.43 against the yen, 1.2903-1.2886 against the NZ dollar and 1.0378-1.0365 against the US dollar in most of the early Asian session.
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Aussie Trades Further Lower Against Major Rivals
During early Asian trading on Tuesday, the Australian currency extended its previous session's downtrend against major opponents. The Aussie declined further against the US dollar in early deals and currently trading near a new multi-week low of 1.0361 from yesterday's close of 1.0371.
Against its Canadian counterpart, the Aussie plunged further during today's early Asian session and as of now trading at a fresh multi-month low of 1.0263, which may be compared to Monday's closing value of 1.0278.
The Australian currency also edged down further against other major rivals in early Asian trading on Monday. At 7:15 pm ET, the Aussie fell to 1.2816 against the NZ dollar, 81.60 versus the Japanese yen and 1.2074 against the euro, compared to yesterday's closing values of 1.2827, 81.68 and 1.2061, respectively.
Australia will schedule to release the July results of the HIA new home sales index in the upcoming Asian trading hours.
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Awarding the Winners
Another week of contests and campaigns by InstaForex is over, and it is time to draw up the results. Let us start with thanking all the participants for their competitive spirit and sporty nature that made competitions intriguing and exciting. This made the price of victory high, so that it went to the best of the best! Please accept our sincere congratulations and wishes of professional success!
InstaForex Sniper
The most accurate sniper in InstaForex Sniper contest has become Fajar Setiawan from Indonesia! Congratulations to Fajar! You deserved to win. All the rest participants who were not able to fully express themselves are welcomed to the next step of the contest held from August 27,2012 to September 1, 2012. The registration for InstaForex Sniper will last till 23:00 (GMT+3) July 26.
One Million Option
The best currency option trader of this week has become Rinat Zyamilov from Russia. Congratulations to you! The rest participants are recommended to cheer up as you can show everything you have learned during the next step of the contest which will be on August 21 – 31, 2012 (GMT+3). We remind that the registration is over one hour before the contest begins.
FX-1 Rally
The traditional race FX-1 Rally was this Friday. But only one racer Tomas Triska from Czech Republic has managed to show the most attractive turns and the full control of the situation. Fanfares to the winner! Everybody who has not overcome steep slopes and price curve lifts this time can try one more time next Friday August 31, 2012 (GMT+3). In order to register for FX-1 Rally, please follow the link to our website.
Lucky Trader
The most fortunate trader of Lucky Trader contest for the two previous weeks has become Yuriy Gostev from Russia. It is you to get the deserved money prize on your trade account. Everyone can take part in the next contest, which will be held from August 27 to September 8, 2012. You just need to register for it up to 23:00 (GMT+3) August 26. Join us!
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US Dollar Drifts Up On Safe-haven Buying
The initial direction for the U.S. dollar is rather bullish in early Asian deals Friday as a fall in equity markets in the region following a negative closing in Wall Street overnight enhanced the safe-haven appeal of the currency.
The dollar typically strengthens in times of stock market slide as investors consider it as safe-haven.
Disappointing employment data from the United States and lingering worries about Europe weighed down the positive sentiment in the market.
Initial jobless claims unexpectedly increased in the week ended August 18, rising to 372,000 from the previous week's revised figure of 368,000. Economists had expected jobless claims to slip to 365,000 from the 366,000 originally reported for the previous week.
Also, Federal Reserve Bank of St. Louis President James Bullard said that Federal Reserve policy makers may hold off on further economic stimulus measures because of continued modest economic growth in the U.S.
Worries about the financial situation in Europe sent the euro paring some of its recent gains, with traders keeping a close eye on a meeting between German Chancellor Angela Merkel and French President Francois Hollande. Both Merkel and Hollande urged Greece to stick to crucial reforms in order to remain a part of the eurozone.
With the latest FOMC minutes turning more dovish than expected and the U.S. employment picture in the recent past showing bleak, the Fed Chairman Bernanke's speech at the Jackson Hole Symposium in the month-end is seen crucial as the market is staunch in its longing for further quantitative easing.
The dollar was trading 1.5855 against the pound and 78.62 against the yen after a few hours from its Asian session opening, up a few pips from Thursday's North American session closing values of 1.5863 and 78.50. No clear near-term direction is visible for the dollar against both of these currencies.
Bank of Japan said in a report that the corporate service prices index was down 0.2 percent on year in July, standing at 96.0 following the downwardly revised 0.4 percent contraction in June. On a monthly basis, prices were up 0.1 percent after easing 0.2 percent in June.
The greenback also rose as high as 0.9569 against the Swiss franc and 1.2554 against the euro in mid-morning Asian deals, up slightly from its overnight offshore closing quotes of 0.9561 and 1.2565, respectively. The dollar showed weakness in the past few sessions as elevated stimulus hopes in both the U.S. and China lifted high-yielding currencies.
Looking ahead, the U.K. GDP, exports & imports and government spending data-all for the second quarter are due out in the European session. Market will closely watch the developments in Europe, with the Spanish cabinet meets today and the Greek Prime Minister Antonis Samaras arrives in Berlin for talks with the German Chancellor Angela Merkel.
The U.S. durable goods orders for July is the lone economic data to watch in the New York session.
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Free Devices from InstaForex
InstaForex broker invites its clients to take part in the drawing of fancy gadgets which is held as a part of Trade Wise, Win Device campaign.
Each fortnight you have a great opportunity to become one of the lucky owners of 12 brand new devices: iPad, iPhone, Blackberry, and Samsung Galaxy Tab. Top up your account with 500 USD to add your name to the list of participants for three campaign rounds.
The winners will be determined by so-called Device Number. Thus, everyone can have a chance to get the modern mobile device! Fortune has already smiled to Yuriy Selivanov who gained Samsung Galaxy Tab.
Register for the campaign and probably you will be among the winners!
InstaForex Company aims to create the most favorable conditions for cooperation which will contribute to trading development. Modern devices will help our clients to stay flexible not only in life but on Forex as well.
Trade Wise, Win Device campaign is launched from a background of contests and campaigns with the total prize pool of more than 500,000 USD. The clients have a unique opportunity to get not only a part of this sum but also win sports car Lotus Evora and Porsche Cayenne or gain brand new mobile device.
Win easily with InstaForex!
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New Zealand Dollar Advances Against Majors
The New Zealand dollar climbed against its major counterparts in the early Asian session on Thursday.
The kiwi climbed to a 2-day high of 1.5338 against the euro, more than 2-week high of 0.8180 against the greenback and a fresh 5-week high of 1.2864 against the aussie.
Against the yen, the kiwi edged up to as high as 64.26 from yesterday's close of 63.99.
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Greek PM Seeks More Time For Reforms
Greece needs more time to implement the reforms and spending cuts requisitioned by the country's international creditors, Prime Minister Antonis Samaras told German daily Bild, ahead of his crucial meeting with Eurozone leaders.
The troika consisting of the International Monetary Fund, the European Union and the European Central Bank will return to Athens in September to assess if Greece has fulfilled the bailout requirements for receiving the next installment of 31.5 billion euros.
Greece has committed to save 11.5 billion euros in public spending cuts in two years from 2013 under the bailout deal.
Samaras told the daily that Greece needs room to breathe, to keep the economy afloat and to boost government's revenue. More time does not automatically mean more money, he added.
"Let me be very clear. We are not asking for additional money," Samaras said, adding that the government is looking to stimulate growth and reduce the financial gap. "We will stand by our commitments and fulfill all the requirements" of the bailout program, he said.
Samaras said the consequences of returning to drachma would be disastrous for his country. It would extend the recession by another five years and push up unemployment above 40 percent. Shunning the euro could stir social unrest and democracy will face unprecedented crisis, he warned.
He admitted that a lot has gone wrong in Greece and outside Greece. "Now we are getting down to all the necessary reforms."
Greece is making progress in privatizations and structural reforms. Tax revenues are increasing and the economy is improving, he added.
Samaras vowed that Greece would soon have a smaller, healthier and more efficient public sector. For every ten public sector employees going into retirement, the government will only hire one new staff, he said.
Samaras will meet Eurogroup chief Jean-Claude Juncker on Wednesday and is expected to seek a two-year extension for the country's fiscal adjustment program. He will also visit French President Francois Hollande and German Chancellor Angela Merkel later this week.
Recently, one of the lawmakers in the Merkel government reportedly indicated that Greece may get some concessions on the bailout terms if it adheres to its reform pledges.
However, the German leadership has repeatedly insisted that any kind of leniency towards Greece both in terms of money and time is not possible.
Forex news from InstaForex
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Posted
NZ Dollar Advances To 5-day High Versus Euro
During early Asian deals on Wednesday, the New Zealand dollar traded higher against its major counterparts after the releasing of Q2 current account balance data.
The Statistics New Zealand reported that New Zealand saw an unadjusted current account deficit of NZ$1.797 billion in the second quarter of 2012.
That missed expectations for a shortfall of NZ$1.620 billion following the upwardly revised deficit of NZ$1.072 billion in the first quarter.
At 7:25 pm ET, the kiwi climbed to a 5-day high of 1.5757 versus the euro, compared to yesterday's closing value of 1.5779.
The NZ unit also edged up against the US dollar and the Japanese yen in early trading and as of now worth 0.8285 and 65.30, respectively.
More Forex News - at instaforex.com[/quote