Hi Traders,

A very fierce trading session yesterday. Initially, the market did just as expected, the euro started gaining ground before and during the first several hours of the London session but things crashed soon after more news came out in regards to Greece and the EZ’s bailout. Several factors played a role:

  1. Germany announced they had not budgeted the bailout into their 2010 budget
  2. The bailout would only be granted if Greece achieves its 2010 deficit target.
  3. EU Monetary Affairs Commissioner said that Greece must deepen measures to reduce its budget deficit after meeting with Greek FM.

The pound dropped to test 1.48 after polls showed that Gordon Brown’s party trailed the minority party, leading traders to believe that the UK will face problems cutting the nation’s record deficit.  A very tough market to say the least as any bit of news will add much volatility.

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