Greek Comments And Low Volumes Provide Initial Risk-On
Littlefish FX | Nov 19, 2012 05:01PM ET
We highlighted in the week ahead post that we could see some risk on this week and today didn't disappoint.
Very light data calendar today but Existing Home Sales in the U.S. did come in slightly better than expected in the afternoon.
We did however have comments hitting the wires. ECB members were talking about the increased banking union and supervision; essentially with all agreeing it was required; however as expected the wires we focused heavily on Greece with general consensus being that although nothing has been agreed yet (or it is unlikely anything will be agreed tomorrow -- presser at around 8pm GMT...probably) the likelihood is that there is a chance that a tentative agreement could proceed on Thursday with payment sometime last week in November; also looks like lower rates on first bailout (this possibly includes Ireland and Portugal as well).
Overall markets rallied on low volumes and comments on Greece (although frankly nothing new was highlighted).
EUR/USD
Euro bounced back to the 200-day moving average today on a risk on push. This area could provide for some good shorting opportunities if we get the appropriate signals, however, it is key to wait for the right entry and not move too soon as with the lighter volumes this pair could still test the 1.29 mark.
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