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German ‘Nein’ leaves Italy and Spain in turmoil


Euro plunge this morning attributed to Christine Lagarde & remarks about Greece in which she said “nothing should be taken for granted on Greece” which has been taken to mean that further bailout will not be forthcoming. Markets will be waiting on outcome of the meeting in Brussels of European Finance ministers as well this evening’s release of the FOMC minutes – so expect a very lively day ahead for forex & watch the dollar index for any clue as to what the market may be really thinking about the US dollar. Heavy selling of the euro may be more likely against the Swiss Franc and Japanese Yen as these latter currencies are also seen as safe havens in troubled times. Also watch the bond yields & their spread against the German Bund – always good indicators of market sentiment and fear. Other than that whatever you are trading, stay safe & keep your stop losses very tight.