Talking Points:
• A light at the end of the tunnel has appeared in the standoff between Greece and creditors
• Global equities rallied uniformly to open the week, with the DAX posting its biggest surge in years
• These prominent trade opportunities deserve a deeper conviction as the stakes are far too high
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The skirmish line between Greece and its creditors seems to have moved to start the week and the market is responding. Global equities took reports of progress to heart with a universal rally led by the biggest DAX (Germany's benchmark equity index) in years. Yet, the same optimistic response was not realized with the Euro. EURUSD held to its coiled wedge below 1.1500 as FX traders think 'we've been here before'. Skepticism and caution remains for an 'easy' solution to Greece - whether positive or negative - and the markets are unwilling to commit until the air is clear. That is as true for the limited risk response in equities as it is the cool Euro view. It is better wait for commitment from the speculative ranks before jumping in and sacrifice an early entry than jumping in on the wrong direction of a dramatic market move. We review the Euro, Dollar, global equities and unusual pairs like NZDJPY in today's Trading Video.
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