The bears are controlling the euro

July 2, 2015

The euro/dollar has weakened markedly in the past two days. In the morning, not much selling is going on, but the trend can still change.

The single European currency still remains in the field of view of the "bears." On Thursday morning, the EUR/USD pair is trading around the 1.1050 mark, and the position of sellers is still strong.

This is understandable: a technical default of Greece still happened and ahead is the scheduled July 5 (Sunday) referendum in the country. According to a preliminary survey, 54% of Greeks will vote against the program that suggests saving the economy. Before July 1, there were 57%. After the Greek banks went on a forced vacation week, the number of supporters of the bailout program has grown to 37% from 33%.

In other words, the population of the country which has the power to shift responsibility for the fateful decision does not know exactly what to do. Five years of austerity imposed by the Old World greatly bothered the Greeks. Not saving means to live well and not very long, as they say in the famous joke. Only in the case of Athens, this anecdote could end in tragedy and a poor population.

There are, however, thoughts that behind closed doors and away from the observers, European politicians continue to debate, propose and reject. A default of Greece is not only its headache. This is a problem throughout the euro area.
 
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