News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.35% 🇨🇭CHF: 0.32% 🇦🇺AUD: 0.28% 🇯🇵JPY: 0.13% 🇨🇦CAD: 0.09% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/RXxjsCy8rA
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.11% Oil - US Crude: -0.37% Silver: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Hc2TbgHQee
  • GBP/USD experienced some nice strength next week, and on that it kept forging the bullish channel building over the past month. Get your $GBPUSD technical analysis from @PaulRobinsonFX here:https://t.co/NIbRTVmjqq https://t.co/flxIsQmpld
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.80%, while traders in EUR/USD are at opposite extremes with 72.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vpBfv4QowY
  • US Equity Update (Friday Close): $DJI -0.10% $SPX +0.35% $NDX +0.25% $RUT +0.63% $VIX -2.38%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.39% FTSE 100: 0.34% Germany 30: 0.28% Wall Street: -0.03% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PJ6eqnizhK
  • Update on #Cryptocurrencies #BITCOIN -1.73% #BITCOINCASH -0.64% #ETHEREUM -2.40% #RIPPLE -3.39% #LITECOIN +1.68%
  • The Euro and European bourses finding some support this morning following this morning’s PMIs.Get your $EURUSD market update from @JMcQueenFX here:https://t.co/BR4OvkW5uO https://t.co/xLhhd9iqiI
  • New York Covid hospitalizations rise over 1,000 - highest since June - BBG
  • Johnson & Johnson Covid vaccine trial will resume shortly - The Washington Post
FX Market Readies for Weekend Summit for Greece Deal

FX Market Readies for Weekend Summit for Greece Deal

2015-06-26 10:58:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Talking Points:

- European FX pairs quiet as market awaits summit on Saturday.

- May be deemed best risk management to lower leverage today.

- See the June forex seasonality report.

If you've been away from the market for the past 24-hours, depending upon where you look, it might not seem like you've missed anything at all. The European FX pairs in particular are a bit quieter this Friday, as traders slow their pace with the Eurogroup summit having been pushed back from Thursday to Saturday. With German Chancellor Merkel reportedly saying that she 'wants a deal done before markets open on Monday,' it seems all but certain this weekend will produce a bevy of headlines that could very well lead to wide disparities in price at the open - gaps from the Friday close.

As such, it may be deemed best risk management practice for traders to reduce position size and leverage ahead of the close of markets later today. While the potential outcome for Greece is unknown - the absolute magnitude of the fallout around a positive or negative outcome will be enough to have a significant impact on prices over the weekend.

While there are several interesting setups in the USD-pairs in play or currently developing right now, the propensity for these pairs to have a varied open on Sunday from today's close almost makes today's charts - with two days of no trading ahead of us - less significant than Sunday's charts - with five days of trading ahead. Factoring in a less than exciting DailyFX economic calendar for Friday, June 26, and it may be best to hold off on the trigger until the market opens on Sunday.

One development we're keen on watching through the weekend will be the Greek negotiation's impact on the EUR-crosses, which have recently arrived at key technical junctures. Needless to say, a gap and hold through these levels of significance (covered yesterday, and still valid today) at the market open on Sunday could have material repercussions for price in the days ahead.

Going into next week, it's also important to be mindful of the holiday-shortened calendar, resulting in the most important economic data of the week - the June US Nonfarm Payrolls report - being released on Thursday as opposed to its usual 'first Friday of the month' routine. As such, in a compressed week bookended by major events - the Greek negotiations over the weekend and the US labor data on Thursday - volatility may be running a bit higher than it may otherwise would have at the turn of the year.

See the above video for technical considerations in EURUSD, GBPUSD, USDJPY, AUDUSD, and the USDOLLAR Index.

Read more: EUR-crosses Face Retest of Breakouts as Greece Faces Deadline

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES