• The only people who appear to be happy with the Greek bailout deal are European officials, with many analysts and the Greek public unhappy with the draconian measures in place. As ever with developments in Europe, it is wise to wait for the fallout from any deal rather than trade solely on the headlines. For this is a deal with a rocky road to execution, with Tsipras likely to require opposition support to push the deal through and further Greek elections possible before the end of the year.
• There has been a curious reaction thus far, with the euro plunging on news of the deal and the S&P 500 rallying hard. Both are steady this morning, but a cynical reading of these reactions iat euro traders know this deal is poison in the long run, while US traders are just happy the eurozone stays together even if it is self defeating.
• The dollar is back on the defensive after rallying to the highs yesterday.
• The yen pairs are on the retreat after bouncing yesterday.
Coming up today:
• Coming up today we have CPI and RPI data from 09.30. UK inflation report hearings follow at 10.15, with BOE governor Carney speaking at 12.45.
• This is followed by German ZEW economic sentiment at 10.00.
• US core retail sales are released at 13.30.
Trade Idea:
The Australian dollar is rallying this morning, but commodity prices remain depressed and Chinese markets remain volatile. There is considerable room for further downside from here.
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 Steady After Euro Agreement
Morning Report: 07.00 London
• The only people who appear to be happy with the Greek bailout deal are European officials, with many analysts and the Greek public unhappy with the draconian measures in place. As ever with developments in Europe, it is wise to wait for the fallout from any deal rather than trade solely on the headlines. For this is a deal with a rocky road to execution, with Tsipras likely to require opposition support to push the deal through and further Greek elections possible before the end of the year.
• There has been a curious reaction thus far, with the euro plunging on news of the deal and the S&P 500 rallying hard. Both are steady this morning, but a cynical reading of these reactions iat euro traders know this deal is poison in the long run, while US traders are just happy the eurozone stays together even if it is self defeating.
• The dollar is back on the defensive after rallying to the highs yesterday.
• The yen pairs are on the retreat after bouncing yesterday.
Coming up today:
• Coming up today we have CPI and RPI data from 09.30. UK inflation report hearings follow at 10.15, with BOE governor Carney speaking at 12.45.
• This is followed by German ZEW economic sentiment at 10.00.
• US core retail sales are released at 13.30.
Trade Idea:
The Australian dollar is rallying this morning, but commodity prices remain depressed and Chinese markets remain volatile. There is considerable room for further downside from here.
A good way to play this is a LOWER trade predicting that the AUD/USD will close below 0.7400 in 7 days time could return 130% if successful.
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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