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Greece Stand Off Enters Final Days, Seek More Productive Options Than Euro

Greece Stand Off Enters Final Days, Seek More Productive Options Than Euro

John Kicklighter, Chief Strategist

Talking Points:

• The ultimate resolution to Greece's financial impasse can generate major Euro swings - bullish or bearish

• However, in the negotiation phase, the Euro will struggle for clear direction and momentum

• There are more productive options arising in GBP and NZD pairs, while USD and JPY may soon join the fray

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When Greece and its creditors choose either default or debt forgiveness, the response from the Euro can be dramatic. Trading potential on such a provocative fundamental development will be substantial and certainly something we plan for ahead of time. That said, in the messy period of negotiating preceding this clear outcome, the currency is going to be erratic and difficult trading. Patience is warranted, but that doesn't mean we have to sit staring with bated breath. There are developing technical and fundamental themes in other corners of the market. The unencumbered/lesser-encumbered currencies mentioned yesterday are starting to show progress. I've taken a short on GBPNZD and watching developments on other Pound and Kiwi crosses (particularly AUDNZD and NZDJPY). Meanwhile, high-profile and loaded-potential players in the US Dollar and Japanese Yen are a push away (data or sentiment) from major trend developments. We look at the big setups and the active movers in today's Trading Video.

GBPNZD REPRESENTS STRONG FUNDAMENTALS BUT ITS EXTENDED

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