Portugal's constitutional court rejects 2013 budget measures by €1Bn

FXstreet.com (San Francisco) - The Portuguese constitutional court has rejected some austerity measures listed in the 2013 budget. The court considers cuts on public workers and pensioners paycheck, unemployment subsidy and sickness benefit as illegal as this measures are unconstitutional.

The court upholds measures on solidarity tax on pensions and tax brackets with the largest austerity impact. The invalidates measures worth by €1Bn.

Portuguese Prime Minister Pedro Passos Coelho will hold an extraordinary Council of Ministers on Saturday at 14 GMT.

Apr 5, 2013

Wall Street closes Friday and the week with losses

The US stocks market traded lower on Friday as investors were disappointed by weak job report that post a well-bellow-expectations figures. The participation rate in the US dropped to its 1970's levels. The S&P closed its worst week in 2013.

Forex: EUR/USD jumps but the dark clouds remain there; The long & sweet BoJ Game

Is the war, is the currency war! The Euro recovered ground against the US dollar and after two days of expectacular rally, the pair rose 300 pips from the 1.2745 double bottom to break above the MA200 days to 10-day highs at 1.3040. Is it the end of the two month decline for the single currency? But there are Portugal now...