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Grexit warning!

togr (togr)
Jun 26 2015 at 17:23
4862 posts
As you are probably aware, there is a Eurogroup meeting this Saturday to seek a final agreement between Greece and it's creditors ahead of an IMF loan repayment due on June 30th. Without an agreement on financial aid, Greece will be unable to make this payment and will technically be in default.

The Greek situation has been at the forefront of the FX markets for several months and is now coming to an 'end game'. Whilst the outcome of this meeting is unpredictable, it will very likely lead to an increase in market volatility, with potential significant market gaps on the opening of the market on Sunday. Please note this will not be limited to just EUR currency pairs, but all pairs as well as precious metals and CFDS. In light of this we would like to advise all clients to assess their current levels of risk ahead of the weekend, paying particular attention to any pending orders you may have with us.

togr (togr)
Jun 26 2015 at 17:23
4862 posts
IMHO EUR will dive deep and we should stay away with no open positions

theHand
Jun 27 2015 at 05:57
365 posts
Meanwhile eurusd moved a whole 50 pips for 3 days.

Alex
Look009 (Look009)
Jun 27 2015 at 07:33
224 posts
What do you think gonna happen tomorrow ?

5SS International
5starsignalspamm (5starsignalspamm)
Jun 27 2015 at 07:37
184 posts
theHand posted:
Meanwhile eurusd moved a whole 50 pips for 3 days.


Oh, but it is going to move a whole lot more soon. This is a cautious market but when it breaks out, it will be a volatile one.

launchforex
Jun 27 2015 at 07:37
4 posts
That is so true, can't wait for the Greek situation to be resolved as its caused a major forex pairs eg EUR/USD to stand to a halt. Our trading group took 4 wins out of 5 trades that we placed last week. One trade a day, on a whole we took a hit Monday of 45 pips, but then on the other days combined we gained about 220 pips, not bad for a poor week - 175pips.

Can't wait for July!!!!!!!!

theHand
Jun 27 2015 at 08:50
365 posts
Lol - You think it's over with Greece ?

We've got Spain and Italy coming, which are far bigger problems than Greece. Greece is just the first of the European countries to fail.

Meanwhile the Russians and Chinese are launching a second global financial system that most of Europe, thus NATO signed on for precisely because the western system is starting to fail. The only way for US to stop that is to have a NATO country attacked in the next 6 months which will be WW III.

That is if the system survives that long.

We'll be lucky to be alive in 6 months, never mind trading. EurUsd is the least of our problems.

theHand
Jun 27 2015 at 13:49
365 posts
The other thought around this, we need to remember Cyprus was a practice run for bail-in's. Within 3 months after that most western countries changed their laws to do the same.

If we see this in Greece, and I suspect we will, it doesn't take much to imagination that the whole of Europe will see bank runs. I suspect there's been a slow run for months already as the money went east. And that means bank failures. Considering the OTC exposures that some of these banks are sitting with and their exposure to sovereign debt...

There's only 3 ways this end. Decades of deflation, hyper-inflationary depression or WW III. The last time we had a depression WW II followed anyway.

But here's a thought, what currency is borderless, out of government control, liquid, easy and cheap to transfer?

Bitcoin of course. I wonder if the big winner in all of this isn't going to be the crypto's as people scramble for something, anything out of government control.

The internet was designed for exactly this. A decentralised way of storing and distributing information in case of disruption. Hopefully people will finally see why government and money needs to be handled the same way.

launchforex
Jun 28 2015 at 06:22
4 posts
theHand posted:
Lol - You think it's over with Greece ?

We've got Spain and Italy coming, which are far bigger problems than Greece. Greece is just the first of the European countries to fail.

Meanwhile the Russians and Chinese are launching a second global financial system that most of Europe, thus NATO signed on for precisely because the western system is starting to fail. The only way for US to stop that is to have a NATO country attacked in the next 6 months which will be WW III.

That is if the system survives that long.

We'll be lucky to be alive in 6 months, never mind trading. EurUsd is the least of our problems.


Well at least trading for July will be fine 😉

Alex
Look009 (Look009)
Jun 28 2015 at 06:27
224 posts
All will be more or less smoothly I believe, no global hyper shocks...

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