Market Commentary
Market holiday in the US. Monday inconclusive with the Euro zone finance minsters over Greece and traders are not happy but nervous to pull the trigger. With 26 trillion dollars in EUR currency derivatives outstanding nobody wants to see the kind of move a grexit can cause - such a scenario would be far more seriously damaging than the 1 day blip caused by the shock SNB anouncement when its currency moved over 30% value in 30 minutes.The real fear gripping the market is that large movements on the EUR can push sell stops and lead to massive losses in the spot compounding the misery factor in EUR currency derivatives. The ECB is well aware of the position of EUR in the derivatives markets and this responsibility to defend the currency and yet the indecision is paralyzing traders. Relatively speaking Dollar fundamentals are strong and stable with a robust economic output given the low crude oil prices today. Oil though looks uncertain and moves above 55 seem very unlikely.
US DX
94.382 +0.446 +0.57%
Support 93.783 Resistance 94.663
EUR
1.13310 -0.00869 -0.76%
Support 1.13443 Resistance 1.14723
Crude Oil
53.49 -0.18 -0.34%
Support 50.01 Resistance 54.81
Gold
1230.98 -2.21 -0.18%
Support 1219.1 Resistance 1231.1
Pieter Bergli - DeLoren Trust Holdings
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