Currency Updates:
The euro (EUR) dropped to 1.3015 against the US dollar (USD) after first rising above its previous
resistance to 1.3050. The single currency is still under pressure as the continent’s political background
remains fluid. The Italian political system has yet to choose a leader after the ambiguous election results
that left the country (and Europe) in uncertainty. All eyes are on tomorrow’s European summit in which the
Cyprus bailout is expected to be put on the table, a swift resolution to that could help boost confidence in
the euro further.
? The GER30 (DAX) which tracks the top 30 German corporations is moving above 7990 looking to test
its previous resistance at 8015. German Equities have shown the highest gains the domestic exports
surge gave way to increased corporate profits.
? Weekly option volatilities for the EURUSD dropped from 8.75 to 7.90 as markets calm down after
last week’s Non-Farm Payroll and European Central Bank press conference.
Stay in tune throughout the day with foreign exchange bullets!
? Gold (XAU) has moved to higher highs and higher lows as markets stabilize the precious metal
around the 1580 range.
