The markets have been awfully chaotic at the moment and so I have kept my trading to very short term price movements. Just a quick update on the news, 60% of those voted said no the the bail-out package and supported the government rejecting the austerity measure demands. Here are some of the sharpest changes in the pre-market inter-bank quotes.
The EURUSD pair closed off at 1.1092 bid. Just an hour before the market open, here is the pre-market:
The EURJPY pair experienced sharp drop as well closing off at 136.37 bid and it’s current pre-market:
However, keep in mind of last week’s market open. Although EURUSD faced an approximately 200~ pips drop, it quickly regained it’s losses. We may experience a similar move from a series of short covers.
I would, however, continue to avoid trading Euro pairs at the moment given the unwanted volatility we’ve been experiencing the past week.
The European Central Bank is expected to maintain its current restricted levels of Emergency Liquidity Agency for Greek banks while the council resume talks on Monday.
