Euro Rallies Despite Greece Troubles

Morning Report: 08.30 London

• This morning, the dollar remains on the back foot, with corresponding losses in stock market futures this morning.

• The euro is the big winner despite a lack of any real progress in Greek debt negotiations. There were large gains for the EUR/GBP yesterday with follow up gains this morning.

• Gold is on the rise for the second day in a row, but the precious metal remains largely trendless.

• The NZD/USD & AUD/USD are bucking the trend of the other dollar pairs, by repealing some of yesterday’s gains. Chinese CPI came in below expectations.

• The yen pairs are mixed, with the USD/JPY dropping while the EUR/JPY continues its gains.                                                                                                                                                                               
Coming up today:

• It’s a light date on the economic front, with UK trade balance due at 09.30 and US JOLTS job openings at 15.00.

Trade Idea:

Momentum appears to be with the EUR/JPY despite the lack of process on Greece. As such it may pay to go with the flow and bet on further upside.

                                   
             
A good way to play this is a HIGHER trade predicting that the EUR/JPY will close above 141.00 in 7 days time for a potential return of 122%.

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Summary: