By God's will, the single currency is waiting now for what the EU Fin Min Meeting in Copenhagen can end to today while the speculations are increasing for emerging the current EFSF plan and the ESM which is awaited to work in the middle of this year as there can be put together in one package containing the 240b euros which is the lending capacity of the EFSF and the 500b which is the current planed value of the ESM.

This request has been highlighted also by the IMF managing director legarde but there was opposing from Merkel who looked much more convincible recently for adding more efforts for getting over the debt crisis even by enlarging the current bailing out plan as it has been asked by US, Japan and China in the recent G20 meeting for giving the IMF the role their supporting in the face of the crisis and current global economic slow down.

Despite the British conservative governmental choice to take the direction of lowering the budget deficit by placing austerities measures since it has started to rule after the labor government amid the debt crisis in EU, Fitch credit rating agency has changed the outlook of the British long term debt to negative from stable which means that there is 50% chance to lower its AAA rating in the coming 2 years by God's will.

Fitch has said that this step has come from its side because of it has addressed very limited fiscal space to absorb further adverse economic shocks amid the current debt crisis risks which weighing down on the economic growing pace of the Euro zone.

Fitch's decision has come last week even before the new budget announcement of 2013 which could be criticized too if it is to have stimulating plans because of the current high levels of debt or even if it is to have more austerities measures because of the current economic slow down!

The pressure on the Aussie dollar has continued into the US session falling below its previous support versus the greenback at 1.0595 which has supported it previously on 23rd of last month and helped it to go up to 1.0854 whereas it has started easing back again to put technical pressure too on The Aussie dollar which came under pressure in the Asian session after the RBA decided too keep the interest rate unchanged again at 4.25% hinting that there can be a chance for a cut to come in the case of further deterioration in the economic performance amid continued easing of the inflation pressures saying that the inflation outlook would provide scope for easier monetary policy expecting CPI inflation to fall further over the next quarter or two and on the underlying terms, it expected the inflation to be around 2½ per cent over the coming one to two years and by abstracting from it the effects of the carbon price, it expected inflation to be from 2% to 3% y/y.

The Single currency has started the week underpinned by the Greek parliament approval of new austerities measures including 22% cutting of the minimum wage and also cutting of 150k public sectors jobs by 2015 with 15k of them to be cut within this year to reduce this year deficit to GDP percentage 1.5% to smooth the way for the EU Fin ministers to an announcement the beginning of the €130B second bailing out plan for Greece later this week when they meet in Brussels to help it to avoid default on 20th of next month, when it is to meet €14.4b due to be paid by God's will.

The single currency could open the week above 1.32 versus the greenback in the beginning of this week after it has closed last week below it on worries about passing these new austerities measures through the Greek parliament amid streets riots against them in Greece.