Good rally on stocks yesterday after the housing figures in the US. 1328 seems to be holding on the topside. Dollar weakness has driven the Euro through 1.2500 in Asian trading. Nothing much to say today, waiting for the EU summit. There seems to be a clear divide developing between Merkel and the rest. I do not see a positive outcome from the meeting, in fact I think the differences will be more evident and entrenched.
Trading this sort of event is dangerous and I like to wait for the market reaction before acting.
In the meantime a little jobbing will not hurt. Ranges are 1.3330 1.3008 and 1.2525 1.2435
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David Madden
June 29, 2012