Sunday Update: All Eyes on EU
Last week we saw the most extreme panic since the global market crash in the end of 2008. Whether or not it was largely artificial, there was definitely “blood in the streets.” Last week The early increase in risk aversion was the result of Greek protests over the passing of austerity measures needed for the country to receive proposed aid from Germany and the International Monetary Fund (IMF) to avoid debt default. Ultimately, the Japanese yen significantly outpaced all its major counterparts.
In fact, the low-yielding Asian currency has risen between 5.5% (kiwi) and 8.5% (euro) against all majors, except the U.S. dollar. The greenback sat at breakeven against the yen, but a flight-to-safety sentiment led investors out of currencies and into other assets like gold. Better-than-expected inflation data lifted the Swiss franc against the euro. Lower risk appetite pushed the New Zealand dollar back down against its U.S. counterpart after strong employment results temporarily helped the commodity currency stay flat against the dollar.
Be ready for possibly another week of crazy movement and as ALWAYS lots of opportunities to make pips. Keep up the great work and don’t forget the “Stops and Money Management.”
June 24th, 2010 at -07:0020104530America/Phoenix24: am30
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