Friday, May 18th
Last update:10:09:26 AM GMT
Forex Fundamentals
Today's Comment
Greek election: Also the second largest party in Greece failed in obtaining a majority in order to form a government. The mandate has now been passed on to the third largest party, which is the last party that will be given the mandate. It now has three days to obtain a majority.
German Chancellor Angela Merkel wants Greece to stay in the euro zone but the indebted state must adhere to the terms of its international bailout, she was quoted as saying on Wednesday.
Short-term technicals starting to look stretched; Euro bounce possible
- Strategy is to sell currencies (expect Yen) against the buck into rallies
- Aussie outperforms on solid employment data
EUR/USD: The EUR/USD is currently trading at 1.2947 levels. Euro was trading near its three month low as Greece remained uncertain of forming a new government.
Key news
Greek uncertainties continue to weigh on market sentiment
Spain takes 45% stake in Bankia, the third-largest lender in the country
Chinese slowdown concerns fuelled by weak import/export numbers
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