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Market not buying Greek PM’s comments

By   || January 13, 2010 at 14:49 GMT
|| 11 comments || Add comment

Reuters reports the spread between 10year benchmark German yields and Greek yields have widened to 256 bp today, their widest in a month. They are 20 bp wider on the day. The wider the spread, the more Greece has to pay to fund itself…

EUR/USD is dipping, now at 1.4545 with the Greek jitters a likely source of incentive for intraday longs to book profits.

UPDATE: Traders report another round of Asian central bank buying but the market is not going up, around 1.4545.

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Category: All, Americas, Mkt Talk, Regions
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11 Responses to “Market not buying Greek PM’s comments”

  1. FxZ on January 13th, 2010 15:04 GMT

    Hi Jamie,do you expect the usual fixing boost?

  2. johnmmcconnell on January 13th, 2010 15:04 GMT

    Jamie do you have any input as to how low eur/usd may fall today? I shorted on the high of 1.4580 and can’t decide what a good take profit number would be based on the charts.

  3. burt on January 13th, 2010 15:05 GMT

    what time will fix be ?

  4. Stephen on January 13th, 2010 15:10 GMT

    John I would take the freaking profit… ur already up about 50 pips

  5. Jamie Coleman on January 13th, 2010 15:11 GMT

    Fixing is at 16:00 GMT every day…I have no expectations regarding the fixing, boost or otherwise. It changes from day to day. I’ll let you know what i hear, if anything.
    John, look at fibos of the 1.4360/1.4580 range…that should give you some ideas…

  6. johnmmcconnell on January 13th, 2010 15:12 GMT

    Stephen I agree, except that the potential for 150 pip profit is there, so it’s not such easy call. Thanks Jamie!

  7. Blackday on January 13th, 2010 15:13 GMT

    Entries are everywhere … exits maketh the trader.

  8. johnmmcconnell on January 13th, 2010 15:22 GMT

    Right on Blackday, right on!

  9. Blackday on January 13th, 2010 15:34 GMT

    The 100 hr MA (1.4449) and 200 hr MA (1.4411) look fair game providing it doesn’t suddenly ping back up again.

  10. Blackday on January 13th, 2010 15:39 GMT

    Pennat lower trendline comes in at .44695. Today’s high 1.45791.

  11. johnmmcconnell on January 13th, 2010 15:40 GMT

    Thanks Blackday, I was looking at 1.4440 pretty hard. Looks attainable as long as the big bidders don’t kick in just before it.

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