Euro Rallies on Currency Spread Betting Markets as Greek Deadline Looms

Euro Rallies on Currency Spread Betting Markets as Greek Deadline Looms

Today's update see » Financial Markets.

Spread Betting 8 February 2012

The FTSE 100 has opened a few points higher this morning, currently trading above the 5900 level, as investors remain willing to buy into risk on hopes that the Greek deal is looming.

Having said that, our financial spread betting clients are continuing to oppose the upward move; they clearly feel that the rally has to reverse sooner or later.

For more on the Greek debt negotiations also see our feature, FTSE Spread Betting Market Rises as Final Greek Deadline Approaches.

There really is nothing to write home about on the economic data front and really the only thing worth monitoring here is the oil inventories due out later this afternoon.

In the currency spread betting market, the euro's recent rally seems to be gathering momentum as the Greece deadline looms and pressure mounts.

The feeling that a deal is around the corner is helping lift the single currency and this morning EUR/USD is at $1.3280, building on its seven month high that it recorded yesterday.

A break through the $1.3200 level is quite significant and is a further blow to the bears who continue to be squeezed.

As shorts in the euro become fewer and fewer, the closing of these positions only serves to give more momentum to the rally. Soon some of these bears will probably turn into bulls, if they haven't already, possibly adding further strength.

For now the short term support and resistance is seen at $1.3200, $1.3165 and $1.3290, $1.3325 respectively.

Gold enjoyed a strong bounce yesterday as it looks to be reversing recent weakness and turning what looked to be rather bearish near term signals back into bullish ones.

As yet another dip looks to have turned into a buying opportunity for the bulls the yellow brick is trading back at $1750 having reached a low at around $1710 yesterday.

Commodities analysis suggests that near term support and resistance are seen at $1735/30/25 and $1755/64/75 respectively.

Brent crude oil is looking pretty perky this morning as it puts on another 50 cents, taking it to near the $117 level which it was above towards the end of yesterday.

This morning Brent is at $116.70 and traders will be keeping a keen eye on those inventory numbers later today.

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'Euro Rallies on Currency Spread Betting Markets as Greek Deadline Looms' edited by SD, updated 08-Feb-12

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