Good Morning Markets,
Yesterday saw the Euro climb out of the 1.28-1.30 range it had been trapped in for the last few weeks, with traders getting out of there Euro short positions it has caused a squeeze and the price action currently sits above the 1.31 mark. You can wait weeks for a move like this and before you know it and 110 pips later its happened and you haven't even blinked yet! A typical buy the rumour move ocured yesterday with a rumoured credit line to Spain this was later said to be "over-interupted" by a Senior German Lawmaker. Then Talks between Greece and The Troika broke down, but you can't keep a bad Euro down and with a brief correction to 1.302 the 23.6% Fibo Retracement of the Euro rally this week, it went higher and pushed thru the 1.31 level during the Asian session.
The Equity markets joined in with the Risk Sentiment, The S&P 500 finished up, closing above the important 1455 level. This is a far cry from last Friday when the 1425 level was tested. Dow Jones finished at the 13,550 Level, But sold off right after the close and sits at 13,525 as I type.
A quiet day regarding news today so all eyes will be on any more developments from Europe and especially Spain.
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