Investing.com - Financial Markets Worldwide

Merkel Meets Monti, Market Continues to Meander

BySaxo Bank
AuthorSaxo Bank
Published 01/11/2012, 11:20 AM
Updated 03/19/2019, 04:00 AM
GBP/CAD
0.01%
TISI
1.30%

A delayed start to what is shaping up to be another rather dull day. Let’s get the days upcoming event risks out of the way. Oh... wait... there is nothing happening today of any real note. Of course half of the Merkozy super dream team is meeting with Mario Monti to discuss coffee roasting and pizza recipes, why 10-year BTP yields will now forever and a day trade with a 7 handle and how the Italian mafia has become the most legitimate financial institution the country presently has, at least according to CNBC.

We also have various Federal Reserve speakers out today, nothing overtly new to hear from them and given that there are three of them speaking independently of one another its also interesting to note that the net result is likely to be no real change to the USD landscape as two of them are non-voting members.

Now that we have the heavy calendar out of the way... we can turn to the crosses... Well nothing new here either today sadly. All previously mentioned levels remain in play and while none of them have been breached and/or closed above/below we continue to drift aimlessly...

One cross of note that I am starting to have a closer look at, waiting for a set up to form/complete is the GBP/CAD which while still having the potential for a leg to the downside does in my view represent fair value for entering on dips. All the stars are aligning... I think, but lets see how the Sterling leg plays out in the coming days and if we can base out around the 1.5600/30 area then perhaps I look to pick some up.

Folks that covers it today, as this market remains dull as the proverbial and sadly doesn’t look like its recovered or even come close from the festive season.

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