Adding Oil to our Premium EUR, SPX, Silver Trades
Euro shrugs disappointing June ZEW survey at -9.0, vs. exp -1.3 from May's 3.1 (worst since Jan 2009). But EURUSD fundamentals remain in line with our Thursday longs, which coincided with the bottom of the current cycle. We have added daily & weekly OIL CHARTS to our premium piece as well as adjusted our positions in EURUSD, EURJPY, FTSE-100, S&P500, Gold & Silver.
As Tuesday's Greek Parliament vote nears and Wednesday's FOMC decision looms, traders remain noncommittal in their risk positioning. FX, equity, commodity and bond players are aware that sentiment could turn on a dime, depending on the Greece decision (Tues) and the market reaction to Bernanke's post-FOMC press conference (Wed).
Greek PM Papandreou and his Socialist government face a confidence vote in Parliament Tuesday. If the government survives the vote, the chances of the Medium Term Plan (austerity measures) being passed on June 28 will grow considerably. But Greece must first receive the next loan installment from the IMF, EC & ECB.
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