Daily Report: Consolidations Continue, Aussie Lower after RBA Minutes

[Forex-Outlook]

Markets were generally steady overnight as DOW managed to reverse the initial -184 pts loss and closed nearly flat while crude oil also held on to 70 level. Dollar index consolidates below 87.01 high and most major pairs are still staying in range for the moment. EU Economic and Monetary Affairs Commissioner Rehn said EU finance ministers discussed the principles of the financial stability mechanism and technical work could be done quickly. The would be as much as EUR 440b of financial aids in the package based on "loan guarantees". Finance ministers will iron out legal issues surround the package on Friday. On the other hand, EUR 20b of funds are approved for transfer to Greece as the first tranche of the financial assistance.

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