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Following a five week advance for the S&P 500 Index, US Stocks dropped yesterday amid ongoing concerns that Europe’s debt crisis is set to again worsen. In what is turning into a very long-winded process German Chancellor Angela Merkel voiced publicly her concerns over Greece, emphasising the fact that time is now running out to find a solution. With political leaders set to resume meetings this evening significant downside for the 17- Nation Euro remains a distinct possibility should leaders fail to meet the conditions of a 130 billion-euro bailout. Still in Europe, German Factory orders for the month of January surprised on the upside growing by 1.7 percent helping the EURO reach an overnight high of 1.3140 against its US Counterpart, opening this morning at a rate of 1.3125.  In what is shaping up as an eventful evening, whilst Greek talks are likely to dominate risk flows US Fed Reserve Chairman Ben Bernanke is due to testify on the economic outlook and federal budget situation before the Senate tonight with traders keen to see whether the central banks bearish stance will remain. Meanwhile this morning there has been a slight move back into the Greenback with the US Currency opening stronger against the Japanese Yen this morning at a rate of 76.559.

Now, on to our open positions and new trades. Lets take a look at the specifics:

…more on February 6, 2012 Forex Signals