• This morning, the dollar index continues to retreat after yesterday’s dramatic reversal.
• The rally appears to be an exaggerated reaction to the latest news on Greece whereby creditor nations have agreed a deal on their side. The small matter of Greece still having to agree to it appears to have been forgotten, but the enthusiasm is spilling out across the dollar pairs and the euro in particular.
• The euro dramatically out paced the pound yesterday, as the EUR/GBP rallied with enthusiasm.
• The Australian dollar is also a big winner after the RBA pointed to a longer period without rate cuts. Strong GDP data this morning also added fuel to the fire.
• The New Zealand dollar is rallying in sympathy.
Coming up today:
• This morning we have European services data starting with Spain at 08.15, leading to German data at 08.55. UK services PMI arrives at 09.30.
• From here we have European retail sales and the unemployment rate. This is a precursor to the latest ECB meeting announcement at 12.45 with the press conference to follow at 13.30.
• At 13.15 we get US ADP non farm employment change followed by US & Canadian trade balance at 13.30.
• FOMC member Evans speaks at 19.15.
Trade Idea:
• The euro has spiked higher these last two days on hopes for a Greek deal, but nothing is straight forward when it comes to European politics and it wouldn’t be surprising to see some sort of reversal 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 Rallies On Latest Greek Deal
Morning Report: 07.00 London
• This morning, the dollar index continues to retreat after yesterday’s dramatic reversal.
• The rally appears to be an exaggerated reaction to the latest news on Greece whereby creditor nations have agreed a deal on their side. The small matter of Greece still having to agree to it appears to have been forgotten, but the enthusiasm is spilling out across the dollar pairs and the euro in particular.
• The euro dramatically out paced the pound yesterday, as the EUR/GBP rallied with enthusiasm.
• The Australian dollar is also a big winner after the RBA pointed to a longer period without rate cuts. Strong GDP data this morning also added fuel to the fire.
• The New Zealand dollar is rallying in sympathy.
Coming up today:
• This morning we have European services data starting with Spain at 08.15, leading to German data at 08.55. UK services PMI arrives at 09.30.
• From here we have European retail sales and the unemployment rate. This is a precursor to the latest ECB meeting announcement at 12.45 with the press conference to follow at 13.30.
• At 13.15 we get US ADP non farm employment change followed by US & Canadian trade balance at 13.30.
• FOMC member Evans speaks at 19.15.
Trade Idea:
• The euro has spiked higher these last two days on hopes for a Greek deal, but nothing is straight forward when it comes to European politics and it wouldn’t be surprising to see some sort of reversal from here.
A good way to play this is a LOWER trade predicting that the EUR/USD will close below 1.1100 in 7 days time for a potential return of 153%.
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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