A messy compromise for Greece

May 25, 2016

GreeceВ creditors reached a deal to avoid a summer car crash in a way that only they know how, involving extension of maturities, adjustment of interest rate payments with a good dose of things still to be decided, some of them after the German federal elections next year. The often used headline in recent years was “kicking the can down the road” and for the most part, this amounts to another example of that. The IMF remains involved, but retains its demand for meaningful debt restructuring. Still, for the single currency, this has removed one of the potential risks for the summer, with the deal unusually being reached comfortably ahead of the loan disbursement next month.

Yesterday saw a sharp move lower on EURGBP, pushing 3.5 month lows as the single currency was favoured vs. the dollar by yen bulls. On the other side, sterling is gaining more confidence that the EU referendum will see a win for the ‘remain’ side next month. The Bank of England Governor had a charged appearance in front of the Treasury Select Committee yesterday largely focusing on the issue. Sterling is again, so far, the strongest performing major currency this week. For today, there may be a stronger focus than usual on the German IFO data at 08:00 GMT, with yesterday’s GDP data showing a better than expected balance of growth for Germany. The market expects a modest rise in the headline index. The yen remains cautiously optimistic going into the G7 meeting this coming weekend, USDJPY struggling for a sustained push above the 110 level.

Publication source
FxPro information  FxPro reviews

December 7, 2016
Will ECB support Italy?
The yield of the Italian sovereign debt fell on Tuesday as the focus moved to the political uncertainty on the market. After Renzi’s crash on the weekend and the expectations of the ECB measures to deal with the possible fallout of the financial markets...
December 7, 2016
WTI bears on the prowl
WTI Crude was vulnerable to sharp losses on Tuesday following reports of OPEC output rising to a worrying record high of 34.19 million barrels per day in November which revived the oversupply concerns
December 7, 2016
CAD claws back ground
The Canadian dollar has finally managed to gain some ground against the strong USD after weeks of the market waiting for it to react to oil prices beginning to show some turn after the recent OPEC agreements...

FXCM Rating
XTB Rating
EXNESS Rating
Z.com Trade Rating
Tickmill Rating
OANDA Rating

EZTrader Rating
Porter Finance Rating
365BinaryOption Rating
Binary Brokerz Rating
Empire Option Rating
Grand Option Rating