The foreign exchange market completed first week trading in a mixed performance in the presence of a range of conflicting news about the Greek crisis. The U.S. Dollar index, which measures the strength of the dollar against a basket of major currencies, closed slightly up this week at 80.43, a rise of 0.12%. The Greece crisis continues its influence on the direction of European Union currency, where we have seen continued forecast of solutions for the crisis last week which made big effect on the trading last week.

This week the major concentration of the market news will be on the outcomes of the Greek s Prime Minister George Papandrea visit to Berlin, Luxembourg, Paris and Washington, where he will try to gain all the maximum support in order for the Greeks to come out of the crisis.

Given the previous scenario, it is still too early to expect an immediate solution for the crisis in Greece. The question remains on how the EU’s ability to resolve the crisis internally, especially after the possibility of Greece turning to the World Bank seeking help which is interpreted by the market as a failure of the European Union in resolving the crises. The concentration of the most important fundamental news this week will be on Thursday & Friday. The announcement of the U.S. Trade Balance on Thursday, retail sales data and statistical confidence of the consumer from the University of Michigan on Friday are the most important news for this trading week.