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Portugal Bank Concerns Put Pressure on EURUSD

In his daily forex report for Equities.com, Greg Michalowski of Gregmikefx.com talks about the deteriorating Portugal bank and bond situation and its impact on the EURUSD. Weaker UK Construction
Greg Michalowski, Founder and President of GregMikeFX.com, a foreign exchange consulting company, and author of Attacking Currency Trends (WIley Publishing) has 28 years experience as a trader and financial analyst. His career began at Citibank New York and later at Citibank London where he was a Vice President and trader of interest rate derivatives. He later joined Credit Suisse First Boston, New York, in the same capacity as a derivatives trader and market maker in the banks Funding Department. In 2000, Greg transitioned to FXDD where he was one of the founding employees of FX DirectDealer (later FXDD). While at FXDD, he helped manage the currency risk, and later become the Chief Currency Analyst. Greg has educated and spoken around the globe to thousands of retail traders. He has written for various publications including Equities magazine. His thoughts on the forex market have appeared in the Wall Street Journal, Bloomberg, and Thomson Reuters.
Greg Michalowski, Founder and President of GregMikeFX.com, a foreign exchange consulting company, and author of Attacking Currency Trends (WIley Publishing) has 28 years experience as a trader and financial analyst. His career began at Citibank New York and later at Citibank London where he was a Vice President and trader of interest rate derivatives. He later joined Credit Suisse First Boston, New York, in the same capacity as a derivatives trader and market maker in the banks Funding Department. In 2000, Greg transitioned to FXDD where he was one of the founding employees of FX DirectDealer (later FXDD). While at FXDD, he helped manage the currency risk, and later become the Chief Currency Analyst. Greg has educated and spoken around the globe to thousands of retail traders. He has written for various publications including Equities magazine. His thoughts on the forex market have appeared in the Wall Street Journal, Bloomberg, and Thomson Reuters.

In his daily forex report for Equities.com, Greg Michalowski of Gregmikefx.com talks about the deteriorating Portugal bank and bond situation and its impact on the EURUSD. Weaker UK Construction output and worse unemployment numbers than expected in Canada, but full-time employment increased tempering the overall outlook.

The rise in Portugeuse bond yields on the day should be taken with a grain of salt. "Overall this week, despite the fact the Portugal bond yields have moved up 40 basis points, for the week we're not much changed from last Friday's close," Michalowski says, reminding viewers to keep an eye on technical indicators to gauge next week's performance of the Euro.

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