Unpredictable Greek saga continues

6 July, 2015

Yet another twist and turn in the Greek saga as finance minister Varoufakis steps down to pave the way for smoother negotiations to take place between Greece and its creditors. The comprehensive No vote at the week end gives Tsipras a strong mandate so get back around the table and discuss new bailout terms, even if the referendum was not technically relevant as the latest bailout has now expired, it does mean the Eurogroup will have to take note and if they want to keep the Eurozone intact, better terms will need to be offered. The problem with this of course is that, as we’ve regularly mentioned, it sets a precedent for other debt laden Eurozone members who might experience similar political upheavals and make what is supposed to be an irreversible currency union into the exact opposite.

The market reaction has not been better as bad or dramatic as many predicted mainly due to the landslide result of the referendum and things could have been different if the result was much closer with a narrow No causing greater uncertainty. The 100 point gap in EURUSD has almost been filled just as it was a week ago with the pair trading at 1.1050 and equity markets have naturally opened in the red, but not as badly as expected. In the absence of any EU meetings until tomorrow, today investors will have to just hold their nerve until tomorrow and probably for the remainder of the week to see if Greece’s creditors are prepared to listen to the will of its people.


Source link  
Fed Monetary Policy Report to be released

This report is release twice a year and provides an insight into the conduct of monetary policy and economic developments and prospects for the future for the...

The Pound continues to weaken

Cable (GBPUSD) took a hit yesterday as Boris Johnson resigned from the Cabinet following the earlier decision by David Davis to part ways...

The latest Brexit proposals

The UK's Brexit Secretary David Davis has resigned along with two junior ministers, Steve Baker and Suella Braverman, over PM May's latest softer Brexit proposals...


Some ECB members want earlier rate hike

The markets remain subdued after yesterday's 4th of July celebrations in the US. Despite this Oil headlines are dominating the markets once again. US President Trump...

Gold has played out as a double top

The gold chart has played out as a double top with a break under 1300.00 signalling a move down to 1240.00 from its highs at 1365.00. We have now hit the 1240.00...

Gold chart has played out as a double top

The gold chart has played out as a double top with a break under 1300.00 signalling a move down to 1240.00 from its highs at 1365.00. We have now reached...


President Xi warns of Full Scale Trade War

Risk on sentiment returned briefly yesterday as markets retraced some of Monday’s selloff but sentiment in Asia has declined overnight. The PBOC cut...

USD extend losses in risk adverse markets

Stock markets fell hard yesterday as trade tensions deepened and the consequences of such action has investors worried. US Company Harley Davidson...

Market participants out of risk assets

Over the weekend President Trump indicated that if trade barriers and tariffs against the US were not removed that he would have no choice but to add further...


In the past 24 hours Bitcoin has gained 1.65% and reached $6379.52. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.7353% and is now at $1.1673. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -8.65% and is now at $451.024. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM86%
4FIBO GroupFIBO Group79%
5FxProFxPro78%
6FXCMFXCM73%
7HotForexHotForex69%
8AvaTradeAvaTrade68%
9XMXM68%
10Alfa-ForexAlfa-Forex66%
  


Share: