Intraday Market Thoughts

Euro Pauses for Steam on Political Smoke

by Ashraf Laidi
Feb 4, 2013 16:01

Europe's political woes  is being blamed for today's selloff in equity indices and non-USD currencies as Spain's PM Rajoy and his Popular party are embroiled in a corruption scandal.  Rajoy's denial failed to convince. EURURSD drops towards the 200-WMA after having broken above it last week for the 1st time since Oct 2011. EURJPY is also on the decline after EIGHT consecutive weekly gains in the pair, which was the longest run since 2008.  We will issue a Premium piece later tonight ahead of the RBA decision.  Status on Wednesday's Premium Insights is: 5 trades are in progress, 3 hit all targets, 5 unfilled and 4 stopped out. 1 EURUSD long hit all targets, 1 in progress, 1 unfilled. 2 of 2 USDJPY unfilled, 1 of which missed the 90.80 fill by 6 pips. 1 GBPUSD (long) hit all targets , 2nd (short) stopped out by 17 pips before tumbling towards projected target. 1 of 2 AUDUSD in progress, 1 stopped out. Both CADJPY unfilled, 1 missed 90.0 fill by 7 pips. 1 of 2 EURGBP longs hit all targets, the other unfilled (missed 0.8520 entry). 2 of 2 Gold stopped out. 1 silver in progress, 1 stopped out by 8 pips. 2 of 2 oil in progress.


Latest IMTs