Binary.com Daily Market Report (23rd Feb)
February 23, 2015 9:18 amVideo
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Markets Retreat Despite Greek Relief
Morning Report: 8.15 London
• This morning, financial markets are retreating back from the highs despite the weekend’s deal on Greece. Many are concerned that the deal did little more than the bare minimum required to tide things over until the next deadline. Stock markets are peeling back slightly from record highs, while the dollar index is rallying back up to the 14 day moving average.
• The Australian dollar is the biggest movers as commodities come under renewed pressure. The NZD/USD is lower in sympathy.
• The USD/CAD is trading higher on a similar theme.
• Typical of the trading patterns throughout last week, the euro is barely moving this morning with the EUR/USD still within the trading range set at the beginning of the month. The euro is dropping further against the British pound however.
Coming up today:
• Coming up today we have German Ifo business climate data at 09.00.
• This is followed by UK CBI realised sales at 11.00.
• US existing home sales follow at 15.00.
Trade Idea:
• Now that the latest euro crisis has passed (for now), will we see a resumption of the bigger macro trends from the start of the year (i.e. lower commodities and higher US dollar). In a time when markets are looking for a direction, they might find themselves following the path of least resistance and this could to follow the longer term trends.
A good way to play this is a HIGHER trade on the USD/CAD predicting that the commodity dependent pair will close above 1.2600 in 10 days time for a potential return of 116% 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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