OpenBook Traders Divided on Greece’s Austerity Resolve
February 10th, 12:10 pm by Barbara Zigah
(eToro Blog) In the Eurozone, despite the Greek government’s acquiescence yesterday to economic reforms and more spending cuts, interested parties and investors alike appear to have doubts as to whether or not Greece can live up to its end of the “bargain.” Especially given that it is possible that Greeks may have to jump through still[ more hoops as the approval process gets under way, with parliamentary approval needed in some Eurozone states and a question as to whether or not the Finnish and German parliaments will grant that approval without still more Greek concessions.
Sentiment on OpenBook for the EUR/USD pair, which was recently trading at 1.3244, is bullish by about a 3-to-2 ratio. Among the gurus who expect to see a downtrend is Guru Hschinner who recently opened up a short in the pair just after closing another with a 4.50% gain. Solidly in the bulls camp is OpenBook guru Gavinwright who has been opening long positions, and said that he is expecting to see another rally back to 1.33 some time today.
Trader joco007 is also currently bullish on the pair, opening several long positions over the past few days. Though this trader has no copiers yet, this trader devoted his entire portfolio to the EUR/USD pair with a 7.2% gain, and is on his way to recording a 28% return for the week. In the past day, 18 positions have been closed out with an average return of more than 17% suggesting that this trader might be one to keep an eye on.
What will happen next for Greece is for them to prove their mettle. The chairman of the Eurogroup, Jean-Claude Juncker, said that the Greek government has been given three conditions which must first be met, including Parliamentary ratification of the recently proposed austerity package, an additional €325 million in spending cuts, and firm political assurances from all of the various coalition parties that they will implement the program.
Copyright 2012 eToro Blog
