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A Stay on Execution for Greece Liquidity, Dollar Inches Towards Break

A Stay on Execution for Greece Liquidity, Dollar Inches Towards Break

2015-02-19 03:08:00
John Kicklighter, Chief Strategist
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Talking Points:

• Greece has two more weeks to get its affairs in order before the ECB pulls liquidity

• Market's view of BoE rate outlook rises after strong Jobs report, inflation warning in BoE minutes

• Keep a close eye on USDollar as the correction risk grows out of consolidation in strong bull trend

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We didn't have explosive volatility this past session, but fundamentals were carving out deeper trend. The march towards a possible Greek-Eurozone financial crisis received another temporary deferral when the ECB announced it would give the country's financial institutions another two weeks of access to emergency liquidity. Now the focus turns back on negotiations to the bailout terms. The Sterling meanwhile is caught even more traction following a round of strong jobs data and some surprising comments from the BoE minutes. And, even though BoJ Governor Kuroda reiterated the commitment to easing, confidence in the Yen crosses' persistent run is wavering. Perhaps the most at-risk drive moving forward is the USDollar's 7-month climb. Though the FOMC minutes may not have been as dovish as the media seems to have interpreted it, the currency is threatening a speculative correction across most pairs. We look at these trading themes in today's Trading Video.

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