What Is FX: Greek Default Off The Table?
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
What is FX Daily Report
What Is FX: Euro Awaits NY Open
February 24, 2012
9:00 AM EST
Good morning What Is FX traders; the euro move continued overnight, although What IS FX got out shortly after the last alert. We’re not fond in this market of holding positions while sleeping unless we have a great stop loss in position. Not being willing to risk as much as the charts said might be necessary, What Is FX just booked the gains and went on to bed (and slept the sleep of the rich!).
The euro is consolidating it’s gains around the 1.34 level now, and thus far has not dripped below there. The German GDP report was certainly supportive of the euro over night and now we look to the US and the 2 reports coming out shortly, the U. of M Consumer Sentiment at 9:55 am, and the New Home Sales at 10 am.
Both are expected to carry some euro bullish implications for the euro is they come in as expected or higher. As we covered all this in the last alert, I won’t belabor the figures for you.
Readers have been curious as to the fundamentals of this whole thing with the Greek bailout, the existing reality of Greek default, and the rising euro. It really doesn’t seem to add up. However, it is not as though the market is thinking Greece won’t default. They have just come to terms with it and can accept it. that’s not to say all will be cheery and bright if a CDS credit event is triggered. because no one really knows what that will bring. But it may just be that in viewing the events of the lat few years, this may mot be the worst. After, we have witness the downgrade of France and America, plus seen some of the worlds’ leading banks bite the bullet, as well as some of Wall Street’s leading firms. While painful, it wasn’t the end of the world. Maybe this won’t be either.
So we’ll hold until after the open, and maybe not enter anything until after the data at 10am. Just remember that London will close for the weekend only a couple of hours later, and trading may very well come to a crawl heading into the weekend. Then just looking ahead a bit, Germany’s Parliamentary vote on the bailout will be next Monday before the first alert, so we may very well get a boost from that. The other nations won’t vote until the beginning of March.
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Happy Trading!
Bill
traderwillie8782@yahoo.com
facebook.com/TheFXTradingMasters
What Is FX February Results: +553.0 pips.
What Is FX Year-To-Date Results: +1,222.0 pips
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