Daily Forex Analysis from FXCC Nov 27 2012

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[b]Daily Forex Analysis from FXCC Nov 27 2012

More funding for Greece finally approved

The EU reached a deal to reduce Greek debt to 124 % of the GDP in 2020 through a package of extra steps amounting 20 % of GDP, that was the headline from Reuters earlier in the Asian session. Reporters, however, had to arm themselves with patience until concrete details out of Brussels came out. Once the Eurogroup press conference was on past 1am Brussels time, Jean-Claude Juncker, president of the Eurogroup, provided the first remarks to the press, saying "today we reached political agreement on next disbursement to Greece", adding that despite has been a difficult decision, "I am complimenting the Greek gov't, I am complimenting the Greek parliament".

The Eurogroup will formally decide on the disbursement December 13 if national parliaments approve tonight's deal. For now, what has been written in the draft document is that Greece aid disbursement of around