Holiday trading keeps risk firm despite Greek delays

<p>FX trading remains in tight ranges as a holiday in Japan followed the thanks giving celebrations in the US with only the JPY trading slightly […]</p>

FX trading remains in tight ranges as a holiday in Japan followed the thanks giving celebrations in the US with only the JPY trading slightly stronger following an article in the WSJ that has cited LDP leader Shinzo Abe saying that he is reluctant to intervene in the JPY if he is elected in December. (He’s also noticed it doesn’t work then)

EU President Van Rompuy called an end to the first day of the EU Summit at around 11pm London time last night to allow heads of state some time to study a revised budget proposal. The German Chancellor Angela Merkel said that she doubts a budget deal will be reached at this week’s summit and most likely a second summit will be needed early next year but with media reports that the IMF could be weakening their stance on the 2020 Greek debt levels and the market now getting used to that any issue in Europe isn’t resolved until the day before the deadline the risk trade and the single currency hold onto their gains with the later trading on the 1.2900 handle in early European trading.

The data highlight today will the German IFO at 9am this morning.

German IFO Business Climate Last 100 Exp 100
German IFO Current Assessment Last 107.3 Exp 106.0
German IFO Business Expectations Last 93.2 Exp 94.0



Supports 1.2860-1.2840-1.2800 | Resistance 1.2920-1.2985-1.3020


Supports 82.10-81.60-80.90 | Resistance 82.85-83.20-83.30


Supports 1.5925-1.5880-1.5825 | Resistance 1.5985-16000-1.6040


Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.