Fundamental analysis for July 07, 2015

July 7, 2015

The major pairs were in the narrow ranges. Monday the pair EUR/USD opened with a gap downwards, but it had increased. However, it lost its positions by the end of the day. We have received the May euro zone sales positive data. The index rose by 0.2% that indicates the consumer spending growth and a positive factor for the economy.

The euro was declining the whole day in response to the Greece referendum results which further increases the full-scale default likelihood in the country and its exit from the euro zone. Greeks convincingly voted "no" to the EU creditors' offer and with only 38.69% of the Greeks having supported the bailout offer.

The pair GBP/USD had decreased amid the UK bond yields reduction because of the oil market sales. Nevertheless the pound grew by the end of the day

By the end of the day the pair USD/JPY had decreased amid the bearish sentiment on the global equity markets. Investors closed their positions after the Greece referendum.

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