Greek Prime Minister George Papandreou said a referendum on Europe’s rescue package will confirm the nation’s membership of the euro as he stuck to plans to hold the vote amid signs his government may collapse.
Prime Minister George Papandreou's shock decision to call a referendum on Greece's bailout drew veiled threats from Germany on Tuesday and hammered markets edgy over the euro zone crisis.
A strong shift in sentiment against the Euro was the theme of yesterdays action, this has resulted in a big shift in retail positioning in the EURGBP today which went from over 60% of retail traders being short (and correct) to now over 60% being long (and wrong as they are most of the time). In keeping with our contrarian view we maintain a short bias on EURGBP.
While household-sentiment measures are at levels typically observed during a recession, an increase in spending during the third quarter boosted growth to the highest level of the year, Commerce Department figures showed Oct. 27. The schism partly reflects consumer ire with the government’s failure to reduce 9.1 percent unemployment or stem rising deficits, said James Paulsen, chief investment strategist at Minneapolis-based Wells Capital Management.
We ended last week with 88%+ of USDJPY traders long and wrong for many months now. Today Japan sold the yen for the second time in less than three months after it hit another all time high against the dollar last week. As usual...retail traders are quickly moving position and we are seeing a strong drop in overall long positions to 70.83%. We expect this trend to continue but its important to note that past interventions haven't done a whole lot to stem the tide.
USDJPY continues to push the high 80s in terms of percentage of traders long. AUDUSD with 59.55% of retail traders short has pushed into the long bias zone.
Finally. With news commentary that involved talk of deadlocks and disagreement on some occasions yesterday. The leaders of the EU have reached an agreement whereby private bond holders of Greek debt will commit to a 50% haircut on those debts, important to note that this is only the case for private sector debt, not total Greek debt.
Retail positioning in USDJPY continues to make new peaks with every day that passes, an all time peak of 87.18% of retail traders being LONG the pair has been reached today.
Today USDJPY hit an all time low against the dollar trading at 75.71! Despite warnings from the BOJ that it would take "decisive action" to limit JPY strength, continued uncertainty out of Europe as a result of the debt crisis is leading to sustained JPY buying.
Contain Pivot Point Information, Market Profile Numbers, Fibonacci Clusters, Prior Day Summary, FX Retail Trader Positioning, COT Analysis, Video news updates, text news and a fully editable Trade Journal.
Contain Pivot Point Information, Market Profile Numbers, Fibonacci Clusters, Prior Day Summary, FX Retail Trader Positioning, COT Analysis, Video news updates, text news and a fully editable Trade Journal.
Contain Pivot Point Information, Market Profile Numbers, Fibonacci Clusters, Prior Day Summary, FX Retail Trader Positioning, COT Analysis, Video news updates, text news and a fully editable Trade Journal.
Contain Pivot Point Information, Market Profile Numbers, Fibonacci Clusters, Prior Day Summary, FX Retail Trader Positioning, COT Analysis, Video news updates, text news and a fully editable Trade Journal.
