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Euro Well Bid in Early Trade As Worst Case is Priced Out
Although the Eurozone is far from out of the woods, the initial market reaction to the Greek election has been a net positive as the worst case scenarios of imminent Greek exit from the Euro are priced out. While there is still a good deal of speculation and expectation that a Grexit is inevitable, the news that a pro bailout party has won, is definitely somewhat reassuring for overall risk appetite. Technically, the move higher falls directly in line with our projections, where we have been calling for additional strength in the Euro towards the 1.2800-1.3000 area before the next medium-term lower top will be ... (full story)
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