How to Trade the Greek Deal
By: Kelley Holland | News Writer
Euro zone finance ministers have reached an agreement with the IMF n new help for Greece. Great news, right?
Not for the euro.
"This is a case of buy the rumor, sell the fact," says Amelia Bourdeau, irector of foreign exchange at Westpac Institutional Bank. With the agreement in place, "I expect euro to sell off over the next week or so."
A variety of factors will be weighing on the currency, Bourdeau told CNBC's Amanda Drury, pointing to fiscal cliff negotiations in the U.S. and an upcoming German parliament vote on changes to the Greek bailout package.
"Euro needs good news to sustain it," Bourdeau says. "I just don't know what more good news we're going to have in the next couple of weeks."
So Bourdeau wants to sell the euro against the dollar at 1.3000, setting a stop at 1.3145 and a target of 1.2850.
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