Yesterday's conference call between the leaders of Germany, France and Greece offered few new developments about the debt crisis solution, and yet market sentiment has managed to stabilize; with European and US equity markets closing strongly higher and the Nikkei trading +1.8% today. Much like previous statements, Merkel, Sarkozy and Papandreou committed to implementing the bailout agreements as soon as possible in a bid to allay market fears. Clearly their stand had the desired effect; markets have assumed that this declaration of faith in Greece from the Eurozone’s two most influential leaders means that the next tranche of EU/IMF funds will be paid out without further questioning. EURUSD is now trading comfortably above 1.3700 (having hit an overnight high of 1.3783), but the situation remains fragile, so we cannot rule out another setback.
-ac-markets.com-

Gold bugs, the warning was the H&S pattern on 4hr chart yesterday - the neckline 1795 is totally broken. The monthly candlestick is forming an inverted hammer. Gold will be a sell the whole of October as the central banks flood banks with useless dollar liquidity. Though dollars are being flooded, gold cannot rally since it was a defensive play with eurozone default being the drive.

Obviously my USDCHF long trade is now scrapped after this coordinated dollar hurricane!

I've got it! The American banksters don't trust their Euro counterparts with their USDs. Govt.to the rescue..AGAIN. Thanks.

WW3 is a given at some point mosdef. I expect to die rich nevertheless

http://m.cnbc.com/us_news/44534563/1

Wind of change.

The headlines this morning are dominated by news that ratings agency S&P has downgraded Italy’s long-term debt to A from A+, maintaining an outlook negative. This comes as an additional blow to confidence as critical talks between the troika (EU, ECB and IMF) and Greece are already putting pressure on EURUSD and equity markets. The government announced that a further conference call between the sides would take place later today (17:00 GMT), with results of the talks anticipated as early as Wednesday. It seems from these early talks that the troika is willing to release the next instalment of EFSF cash to Greece in exchange for further austerity measures; in line with the speculation that had been swirling yesterday morning. For now, the official message is that talks have been constructive, but in worrying contrast a story published in Greek newspapers suggests that PM Papandreou is planning a referendum on Eurozone exit, (uuwii) with a bill possibly being pushed through parliament in the coming days. Were it true, such a scenario would certainly throw a spanner in the works and have a devastating effect on financial markets, but thus far the story has not gained much traction.

Interesting to see EURUSD is still bid despite fitch commenting negatively about Greece...

@ hisah,

Which broker do you use? Do they slip/hunt your stop losses like more than usual? Thinking of changing mine.

Cheers!

oops, left some buy limits and forgot to remove the on aud/usd, badly hit.

@Ceinz - remember margin call... A lot of traders will sweat blood with this volatility...

EURUSD - another 200pips plunge today...