Grexit warning!

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.

IMHO EUR will dive deep and we should stay away with no open positions

Meanwhile eurusd moved a whole 50 pips for 3 days.

What do you think gonna happen tomorrow ?

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.

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!!!!!!!!

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.

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.

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 😉

All will be more or less smoothly I believe, no global hyper shocks...

theHand posted:
Meanwhile eurusd moved a whole 50 pips for 3 days.

EURUSD drop from near 1.12000 to 1.09000. That's huge.

Greece is staying in the EU

https://www.facebook.com/craig.walters.3939/posts/1599296237009899?pnref=story

togr posted:

theHand posted:
Meanwhile eurusd moved a whole 50 pips for 3 days.

EURUSD drop from near 1.12000 to 1.09000. That's huge.

And it is back to 1.12000

Last spasm before death? ;)

Got to love good ole EU

https://gyazo.com/4b07c8cffc9c84d48c0c386cc55a1004

Well - if the week can carry on like this I could get somewhere for a change.

Greece most probably wont pay today's repayment to IMF.
That's path leading to default.
EUR will be extremely volatile.
It could be opportunity or threat for your trading, it depends on your approach:)

All the action is in NZD for the last 24 hours...

I heard that the decision on Greece is expected at 11pm London time, no source though.