Best Forex Trading Signals
In the biggest signal yet that Italy, the world’s eighth largest economy is battling insolvency, the Nation’s 10-year bond yield closed at a euro-area high of 7.25 percent overnight. With the S&P 500 losing 3.5 percent overnight and US Stocks tumbling, there remains a very real fear that Italy is now heading down a very similar path to that already taken by Ireland, Portugal and Greece. The question mark now remains as to whether Italy is too big save, given it does hold the world’s second largest bond market, external IMF intervention may be required as the European Financial Stability Facility worth 440-Billion EURO has already been sustainably tapped into as a result of other countries bailouts.
In currency markets overnight there was no surprise to see the EURO being sold across the board as investors retreated into the Greenback which is recognised as the world’s reserve currency. After initially opening at a rate of 1.3832 the EURO was sold to reach an eventual low of 1.3522, opening this morning 3 US Cents lower at a rate of 1.3548. Meanwhile in the US, the Greenback rallied against the Japanese Yen trading as high as 77.877.
Looking ahead for the rest of the week, Italy is likely to remain the major talking point with the market moving into dangerous territory given the sheer size of underlying debt levels and the significance of the Italian economy not only to the European Region but the broader global financial market.
Now, on to our open positions and new trades. Lets take a look at the specifics:
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