Fundamental analysis for June 23, 2015

June 23, 2015

The EUR/USD lost some ground expecting the EU emergency summit regarding the Greece situation, as well as the German bonds yield reducing to their counterparts from the US and the UK.

The GBP/USD fell at the end of the trades. Earlier the pound slightly strengthened after the negative differential government bonds yields reduction in the UK and the US.

The USD/JPY lost the bearish sentiment background on the world's leading stock markets which caused the transactions carry trade closure. However the dollar strengthened and the pair increased.

Despite the relative stability which came from the dollar weakening rather than the euro increasing, the situation with Greece continues to worsen European investors’ mood. There was not adopted any Greek decision after the EU finance ministers meeting last Thursday which increases the default risks and the country's exit from the EU. Donald Tusk called an emergency meeting on Monday to decide the Greece fate. We expect the final agreement between Greece and creditors till the end of the week.

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