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Date Posted: 00:58:14 06/13/12 Wed
Author: Charisse Bartoli
Subject: Greek concerns subdue early moves

While yesterday saw some good buying action on some 'risk on' assets, the euro was weak on a relative basis. The main lingering concern is over the forthcoming Greek elections and the fact that German bonds hinted at signs of distress yesterday.

This morning, while the euro is weak, it is performing relatively well against its closest neighbour the British pound. The EUR/GBP is up 0.13%.

The pound is weak in general this morning with the GBP/JPY down 0.14%.

The Kiwi is bucking the trend with these early moves though with the NZD/USD down 0.14%.

Coming up today we have European production at 10.00 with a drop to -0.9% expected. A German bond auction is running throughout the day. From 13.30 we have a slew of US economic announcements with core retail sales and PPI. This is followed by business inventories at 15.00.

Financial markets rallied out of nowhere yesterday and this morning there is a lack of a clear catalyst to get things moving. The British pound was one of the biggest movers yesterday, but is falling back slightly this morning. The pound and other dollar pairs are technically oversold in the medium term, but there is still room for a pullback in the short term, especially with Europe still far from settled.

A good way to play this might be a LOWER trade on BetOnMarkets.com predicting that the GBP/USD closes below 1.5500 in 1 days time for a potential return of 167%.

Get this trade now, go to: http://goo.gl/LsK3c

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