In spite all the meetings and delays there is a belief now that eventually a compromise will be reached. Moreover increasing sentiment on the German economy is refusing to take the EUR any lower than the 1.13. The EUR has posted a solid performance on the last 2 weeks in the face of huge hedge fund shorts and certainly the Grexit play seems to run out of steam as the weaker shorts run quickly for cover and add to the bounce to stabilize the EUR. The USD has settled impressively last 2 weeks in the 93-94 range but some analysts are starting to think that the US Fed would not raise interest rates at all this year to allow the US economy to grow stronger in confidence. see Bloomberg report http://www.bloomberg.com/news/videos/2015-02-18/fed-may-not-raise-rates-at-all-this-year-cuggino
Oil has settled strongly given the strong recovery of the US economy and in spite of record storage the market has settled into a equalizing rhythm. However, this scenario can only hold so long as the world's largest economy still pours out positive economic data thus encouraging the belief that an equilibrium in prices has been restored. Massive job cuts at Exxon and the majors is always going to be the casualty of falling revenues but summer is only around the corner and peak production period should set in to restore the bid in the market and help prop up any negative price sentiment. Gold has lost its shine as a safe haven in the face of a dearth of pressure news on the Grexit, on Russia and the USD.
US DX
94.124 -0.306 -0.39%
Support 93.469 Resistance 94.879
EUR
1.141215 +0.006565 +0.58%
Support 1.12710 Resistance 1.15250
Crude Oil
53.88 -0.41 -0.77%
Support 49.49 Resistance 56.17
Gold
1209.750 -21.400 -1.74%
Support 1,182.8 Resistance 1,249.6
Pieter Bergli - DeLoren Trust Holdings
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