Asian market open

You can read my opening comments on FX Street.

  1. Hi Sean,

    Great open thoughts as usual. However, my first view on the Spanish bailout request being Nov as per latest on Reuters, to me, is more ‘Euro top-heavy,’ as info continues to disappoint markets by overstretching dates for application later in the future.

    I think market psyche was playing around the assumption of a bailout application sometime in mid Oct, so info about postponing it a but further down the road, if true, doesnt help the Euro bid tone… still sticking to range trading though…

  2. Fair point Ivan. My first reaction was that it could be risk-positive esp coming on top of China trade but I’m now coming around to your point of view that mkt might say ‘just another delay’. But remember old wives tale, ‘first move in Asia on Monday is always wrong!!’ so we should buy this dip I think

  3. Baring in mind past few months of Asian opens have been so risk-off, I wonder how many mondays we had follow thru in Europe… Old wives tale would suggest fewer than bears may like. Dont have the stats but sure it pays off more than not to have that old wives tale ‘mindset’ today too 😉

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