Euro’s Steady Losses On Greek Exit Fears

Morning Report: 07.00 London

• This morning, the Euro is on the back foot once again as the situation in Greece seemingly stumbles towards a Euro exit. The Euro is down 0.32% this morning.

• Adding to the Euro’s problems is the renewed strength in the US Dollar, with the Greenback making small gains this morning.

                          
   
• On a similar theme, the USD/JPY is rallying again this morning, helping to drive the likes of the AUD/JPY higher.
 
                          

• The GBP/USD has slipped lower this morning, but as the EUR/GBP chart shows, the Pound is managing to out perform the Euro.

• The S&P 500 looks set to open down slightly – still within reach of the record highs.

                           
               
Coming up today:

• Coming up today we have US core durable goods orders at 13.30, followed by CB consumer confidence and new homes sales at 15.00.

Trade Idea:

• Prior to mid-April’s resurgence the Euro was a one way bet – Could we be seeing a renewal of this trend? It’s unlikely given the later expectations for a US rate cut, but there could still be some downside for the EUR/USD for the remainder of the week.

                           
                                                
A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.0900 in 3 days time for a potential return of 132%.

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Summary: