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Trading Video: EURUSD, EURJPY and EURGBP Ready for Greek Election

Trading Video: EURUSD, EURJPY and EURGBP Ready for Greek Election

2015-01-23 22:37:00
John Kicklighter, Chief Strategist
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Talking Points:

• The Euro extended its tumble following the ECB's stimulus announcement, driving EURUSD to 11-Year Lows

EURJPY marked a key break to join the Euro crosses, but its connection to 'risk' presents a barrier

• While Greece's election is a key concern for traders of a volatile Euro, the top risk is the Fed

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While volatility measures for traditional asset classes may have settled a little this past week, the FX market continues to build on activity levels. Finishing out the week with momentum and trend, the Euro extended its post-QE tumble with EURUSD dropping to levels not seen since 2003 and EURGBP accelerated its dive to seven-year lows. Perhaps one of the most interesting pairs was EURJPY - well positioned for Euro weakness and risk aversion - when it broke below 135. However, follow through is best served through a drop in capital markets and clear view of trouble in European politics. Both are suspect as we face a still-buoyant equities market and the Greek election this week. Top event risk goes to the Fed decision; and given the connection being drawn between monetary policy and investor sentiment, its outcome could prove crucial. We discuss what will drive our markets moving forward in the weekend Trading Video.

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