{"id":17233,"date":"2013-03-25T03:22:53","date_gmt":"2013-03-25T10:22:53","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=17233"},"modified":"2013-03-25T03:22:53","modified_gmt":"2013-03-25T10:22:53","slug":"australian-dollar-british-pound-siemens-emerge-stronger-post-cyprus","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2013\/03\/25\/australian-dollar-british-pound-siemens-emerge-stronger-post-cyprus\/","title":{"rendered":"Australian Dollar, British Pound and Siemens Emerge Stronger Post-Cyprus"},"content":{"rendered":"<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on March 24, 2013. <a href=\"http:\/\/seekingalpha.com\/article\/1297131-australian-dollar-british-pound-and-siemens-emerge-stronger-post-cyprus\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>{snip}<\/p>\n<p>The reaction to the Cyprus news was swift in financial markets starting with currency markets on that Sunday. By the end of the week, the S&#038;P 500 (SPY) remained down a small fraction of a percent, the volatility index (VIX) remained elevated from seven-year lows but well off its high of the week, the SPDR EURO STOXX 50 (FEZ) closed down 1.6%, the U.S. dollar index (UUP) gained 0.9%, and gold (GLD) managed to eke out a 1% gain. Needless to say, none of these reactions reveal panic or even much concern over the eventual resolution of the Cyprus crisis.<\/p>\n<p>Most intriguing to me in currencies was the strength showed by the British pound (FXB) and the Australian dollar (FXA) and the lack of strength in the Swiss franc (FXF).<\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17235\" aria-describedby=\"caption-attachment-17235\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD.png\" alt=\"The Australian dollar emerges even stronger against the U.S. dollar post-Cyprus\" title=\"The Australian dollar emerges even stronger against the U.S. dollar post-Cyprus\" width=\"500\" height=\"350\" class=\"size-full wp-image-17235\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17235\" class=\"wp-caption-text\">The Australian dollar emerges even stronger against the U.S. dollar post-Cyprus<\/figcaption><\/figure><br \/>\n<br \/>\n<figure id=\"attachment_17236\" aria-describedby=\"caption-attachment-17236\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD-weekly.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD-weekly.png\" alt=\"Weekly chart to show the overall downtrend still in place\" title=\"Weekly chart to show the overall downtrend still in place\" width=\"500\" height=\"350\" class=\"size-full wp-image-17236\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD-weekly.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_AUDUSD-weekly-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17236\" class=\"wp-caption-text\">Weekly chart to show the overall downtrend still in place<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p>My large trade against the euro using the British pound was my best choice for the week, but I took profits after the EUR\/GBP failed to follow-through on its breakdown. Holding onto the trade took a lot of patience. Thus, I will likely not re-enter until fresh weakness appears in the form of a new breakdown. For now, I continue to assume EUR\/GBP has topped out for the foreseeable future. <\/p>\n<p><center><br \/>\n<figure id=\"attachment_17237\" aria-describedby=\"caption-attachment-17237\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURGBP.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURGBP.png\" alt=\"The British pound gained ever so slowly over the euro post-Cyprus\" title=\"The British pound gained ever so slowly over the euro post-Cyprus\" width=\"500\" height=\"350\" class=\"size-full wp-image-17237\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURGBP.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURGBP-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17237\" class=\"wp-caption-text\">The British pound gained ever so slowly over the euro post-Cyprus<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>This hourly chart shows that the British pound barely budged in Cyprus&#8217;s wake. After a lot of volatility, GBP\/USD managed to close stronger on the week.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17239\" aria-describedby=\"caption-attachment-17239\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_GBPUSD-hourly.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_GBPUSD-hourly.png\" alt=\"The British pound was more impacted by the BoE minutes than news in Cyprus\" title=\"The British pound was more impacted by the BoE minutes than news in Cyprus\" width=\"500\" height=\"350\" class=\"size-full wp-image-17239\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_GBPUSD-hourly.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_GBPUSD-hourly-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17239\" class=\"wp-caption-text\">The British pound was more impacted by the BoE minutes than news in Cyprus<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17238\" aria-describedby=\"caption-attachment-17238\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURCHF.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURCHF.png\" alt=\"The Swiss franc gains little on the euro as a result of the Cyprus banking crisis\" title=\"The Swiss franc gains little on the euro as a result of the Cyprus banking crisis\" width=\"500\" height=\"350\" class=\"size-full wp-image-17238\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURCHF.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_EURCHF-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17238\" class=\"wp-caption-text\">The Swiss franc gains little on the euro as a result of the Cyprus banking crisis<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p>One of the bigger enigmas of the post-Cyprus week was Siemens AG (SI), the German industrial conglomerate. I like to think of SI as the final referendum on the health of the eurozone economy (although SI is a global company). {snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17244\" aria-describedby=\"caption-attachment-17244\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_SI.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_SI.png\" alt=\"Siemens manages to gain momentum post-Cyprus\" title=\"Siemens manages to gain momentum post-Cyprus\" width=\"500\" height=\"350\" class=\"size-full wp-image-17244\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_SI.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/03\/130322_SI-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17244\" class=\"wp-caption-text\">Siemens manages to gain momentum post-Cyprus<\/figcaption><\/figure><br \/>\n<strong>Source for charts: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Perhaps SI benefited from two analyst upgrades: to buy from Bank of America on the 18th and to overweight from Morgan Stanley on the 20th. Regardless of the reason, a continued rally from here would represent exceptionally bullish price action&#8230;.and could confirm that the market is already forgetting about Cyprus&#8217;s troubles&#8230;<\/p>\n<p>Be careful out there!<\/p>\n<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on March 24, 2013. <a href=\"http:\/\/seekingalpha.com\/article\/1297131-australian-dollar-british-pound-and-siemens-emerge-stronger-post-cyprus\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>Full disclosure: net short Australian dollar, net short British pound<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(This is an excerpt from an article I originally published on Seeking Alpha on March 24, 2013. Click here to read the entire piece.) {snip} The reaction to the Cyprus news was swift in financial markets starting with currency markets on that Sunday. By the end of the week, the S&#038;P 500 (SPY) remained down &#8230; <a title=\"Australian Dollar, British Pound and Siemens Emerge Stronger Post-Cyprus\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2013\/03\/25\/australian-dollar-british-pound-siemens-emerge-stronger-post-cyprus\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[393,794,20],"tags":[308,85,1150,627,309,127,447,459,384,577,576],"class_list":["post-17233","post","type-post","status-publish","format-standard","hentry","category-analyst-coverage","category-europe","category-forex","tag-audusd","tag-bank","tag-cyprus","tag-eurgbp","tag-fxa","tag-fxb","tag-fxe","tag-fxf","tag-gbpusd","tag-si","tag-siemens-aktien"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australian Dollar, British Pound and Siemens Emerge Stronger Post-Cyprus - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2013\/03\/25\/australian-dollar-british-pound-siemens-emerge-stronger-post-cyprus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Dollar, British Pound and Siemens Emerge Stronger Post-Cyprus - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on March 24, 2013. 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Click here to read the entire piece.) {snip} The reaction to the Cyprus news was swift in financial markets starting with currency markets on that Sunday. By the end of the week, the S&#038;P 500 (SPY) remained down ... 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