February 20th, 11:07 am by Barbara Zigah
(eToro Blog) Once again, a trading week begins without a resolution to Greece’s next bailout loan although there is tremendous hope. Investors clearly have faith that the E.U. leadership won’t allow Greece to default with only a month to go before March 20th. That presumption has sent the Euro rallying, and simultaneously provided a boost to other commodity-linked currencies like the Australian Dollar. On the OpenBook, investor sentiment is predominantly bullish, and the EUR/USD pair is currently trading higher at 1.3214, only a dozen or so pips from the day’s high. OpenBook trader teoadi3, who copies many of the gurus including Gavinwright and waleed0987, can take personal credit for the long position closed a short while ago which yielded a return of more than 150%.
The Australian Dollar, getting an added boost from news of more Chinese easing, was trading higher against the U.S. Dollar at 1.0772, less than 25 pips from the day’s high; sentiment on OpenBook is bullish. Trader teffe68, who opened a short position in the AUD/USD at the high, closed it a little while ago as it retreated off the high to 1.0770, booking a nice profit on the transaction. Hopefully establishing a good course direction, new OpenBook trader hhont14 booked an 84% return on this trader’s very first trade on OpenBook, when he opened a short position near the pair’s top range and closed it a few hours later at 1.0768.
Whether or not the rally in the Euro and the other commodity-currencies can continue is dependent on the outcome of the E.U.’s leadership’s decision. A weekend conference call among the concerned parties had a positive outcome, and unnamed sources says that while there were some minor financing gap issues which needed further discussion, none of those was in and of itself a deal-breaker and the expectations were that the more skeptical of the Euro members, i.e., Germany, Finland et al, would eventually be on board with the deal, in which case, the Euro rally could get a little more fuel, and Euro bears like OpenBook guru NMarijus, who has five open shorts, would be hit harder still.
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