• Far left party Syriza fell two short of forming am outright government in Greece, but they are expected to form the majority share in coalition government. The long term consequences of this development are still unclear, but judging by market reactions so far, election result is hardly leading to euro melt down. The victory was largely predicted with the euro area increasingly insulated from Greek instability.
• The S&P 500 gapped lower at the open, but is recovering, while the dollar index dips from the highs.
• The yen pairs are leading a reversal of sorts, with the EUR/JPY one of the best performing pairs here.
• The dollar pairs are showing a similar reversal, with the EUR/USD showing some promise.
• Gold is sliding back however as the worst fears from last week subside.
Coming up today: • Coming up today we have German Ifo business climate at 09.00.
• Following this we have UK BBA mortgage approvals at 09.30. Trade Idea:
• The EUR/USD is rallying this morning, despite the attention grabbing Greek election results. The prospects for the euro still remain uncertain in the long term, but in the short term we could have seen an exhaustion low.
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 Rallies Despite Syriza Victory
Morning Report: 8.30 London
• Far left party Syriza fell two short of forming am outright government in Greece, but they are expected to form the majority share in coalition government. The long term consequences of this development are still unclear, but judging by market reactions so far, election result is hardly leading to euro melt down. The victory was largely predicted with the euro area increasingly insulated from Greek instability.
• The S&P 500 gapped lower at the open, but is recovering, while the dollar index dips from the highs.
• The yen pairs are leading a reversal of sorts, with the EUR/JPY one of the best performing pairs here.
• The dollar pairs are showing a similar reversal, with the EUR/USD showing some promise.
• Gold is sliding back however as the worst fears from last week subside.
Coming up today:
• Coming up today we have German Ifo business climate at 09.00.
• Following this we have UK BBA mortgage approvals at 09.30.
Trade Idea:
• The EUR/USD is rallying this morning, despite the attention grabbing Greek election results. The prospects for the euro still remain uncertain in the long term, but in the short term we could have seen an exhaustion low.
A good way to play this is a HIGHER trade predicting that the EUR/USD will close above 1.1300 in 14 days for a potential return of 117%.
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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