Trading Video: Long-Term Euro Trouble Vs. Short-Term Liquidity Drain
• EURUSD slipped two a fresh two-year low following news that Greece is heading for a January snap election
• The Russian Ruble ended its rebound after news of a November recession drove USDRUB 9.3 percent higher
• A countdown to the New Years liquidity drain keeps the focus on short-term trading conditions
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FX traders are once again faced with a difficult decision this week: should they keep trading key themes and major headlines (like Greece's snap election) or should the New Year's liquidity drain in the middle of week set the limitations for any new trades? The Euro in particular was back in the news. After Greece's parliament failed a third time to push through a Presidential nominee, the country now faces a snap election next month where an anti-austerity Syriza is firmly in the lead with opinion polls. For many, this feels uncomfortably similar to the bouts of instability in past years of Euro-area crisis. Meanwhile, the Russian Ruble's efforts at recovery were brought to an abrupt halt and reversal on news of a November recession. Is this large Emerging Market a candidate for tipping the scales of global speculative appetites? We look at the big themes and an unstoppable market shift in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.