• This morning, the risk on/ risk off barometer is tilting towards the positive as hopes rise of a Greek deal that includes some form of debt relief. The dollar index is on the back foot, while the S&P 500 creeps higher.
• The euro is leading the charge for dollar and yen pairs.
• The yen pairs in particular are stepping higher after Wednesday’s plunge.
Coming up today:
• Coming up today we have Canadian employment data at 13.30, followed by Fed Chair Yellen speaking at 17.30.
Trade Idea:
We still have the thorny issue of the situation in Greece to contend. At the time of writing, the ebb and flow of confidence is finely poised with a creeping sense of confidence. Many analysts have pointed out that Greece and its official sector creditors weren’t actually that far apart in negotiations before the Sunday referendum.
Yet, even should the worst case scenario be avoided, there is still ample room for downside for markets. Markets often climb a wall of worry and it is possible that devoid of the hope of a Greek resolution, traders could once again focus on the fundamentals of a dangerously overcooked market.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Euro Pushes On as Latest Deadline Approaches
Morning Report: 07.00 London
• This morning, the risk on/ risk off barometer is tilting towards the positive as hopes rise of a Greek deal that includes some form of debt relief. The dollar index is on the back foot, while the S&P 500 creeps higher.
• The euro is leading the charge for dollar and yen pairs.
• The yen pairs in particular are stepping higher after Wednesday’s plunge.
Coming up today:
• Coming up today we have Canadian employment data at 13.30, followed by Fed Chair Yellen speaking at 17.30.
Trade Idea:
We still have the thorny issue of the situation in Greece to contend. At the time of writing, the ebb and flow of confidence is finely poised with a creeping sense of confidence. Many analysts have pointed out that Greece and its official sector creditors weren’t actually that far apart in negotiations before the Sunday referendum.
Yet, even should the worst case scenario be avoided, there is still ample room for downside for markets. Markets often climb a wall of worry and it is possible that devoid of the hope of a Greek resolution, traders could once again focus on the fundamentals of a dangerously overcooked market.
There are many vehicles to play this situation including the S&P 500, but of particular interest is the AUD/JPY. With its close links to China, the Australian dollar is a Shanghai Composite proxy, while the Japanese yen has rebuilt its reputation as a global safe harbour. In short, should global confidence slip back, the AUD/JPY could see an extension of its mid year slump.
A good way to play this is a LOWER trade predicting that the AUD/JPY will close below 87.50 in 90 days time for a potential return of 244%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Summary:
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