Fundamental analysis for July 16, 2015

July 16, 2015

The main positive related with Greece has been already played out. Now, traders gradually become aware of what is the price of the agreement. The country is faced with the necessity of hard and painful reforms which are unlikely to please the public. There are reports about the civil servants strikes in the country. Now everything will depend on the government's ability to convey the entire population of the need for the reform. The important news became the Yellen's speech where she said that the rate increase could be expected this year.

The EUR/USD was traded in a flat amid the mixed news background. The euro zone and the US alternately disappointed the market with weak macroeconomic statistics. After the J. Yellen’s speech the dollar strengthened and the pair fell.

Mark Carney has rightly become the main week beginning newsmaker. The rising interest rates moment is getting closer - stated the head of the Bank of England, which caused the rapid growth of the British currency. At the end of the day the pair GBP/USD increased.

The pair USD/JPY spent in the positive sentiment last trading day. Earlier traders partly fixed long positions profits considering current levels less attractive to long, based on the continuation of the uptrend. However the news supported the dollar and the pair increased.

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