THE GREAT COUNTDOWN BEGINS : 12 LIVE TRADES WITH 11 WINS:
THE WEEK IN REVIEW : 16TH TO 20TH FEBRUARY, 2015:
The week in review was dominated by the Eurogroup meeting
to fashion out a set of new conditionality for Greece bailout. Based on the EURUSD’s performance Friday, investors were not excited or impressed by the Eurogroup’s decision to provide Greece with a 4-month bailout extension. The lackluster reaction has to do with the fact that the details have not been hashed out, leaving room for another breakdown in the debt-deal negotiations. On Friday, Greece asked for a 6-month extension and the Eurogroup granted a 4-month reprieve. However Greece would need to provide a list of bailout conditions on Monday. When the list is submitted, the Troika will decide by Tuesday morning if it is sufficiently comprehensive to use as a starting point for reforms and if it is, then steps will be taken toward a broader agreement. We have long been optimistic that an extension will be made and we still believe that both parties will reach an agreement to restructure Greek debt, avoiding a Grexit.
The mixed data from the Euro Zone was also a key highlight which did not give a new
direction or sustain the trend of the EURUSD. Be that as it may, the upcoming week
shall determine the extent the EURUSD may rally or otherwise.
I shall publish the calendar of events tomorrow.
See you then.
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