Get your currency news and technical analysis here - page 6
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Carl Benny, I must applaud you taking the stress to update members on this forum on currency news and other economic news in the world of forex. I will be contributing to this thread to keep us updated on forex happenings. The euro was a little margin upwards in its tick today. This comes ahead of the largely anticipated referendum in Greece as the country is expected to vote on a creditor bailout plan proposed for Greece by its creditors. The EUR/USD had traded at 1.1086 which is an addition of 0.02%. Before that happened, in Asia, a light data day ahead of US markets had closed on Friday.
Going to the crisis in the Eurozone with Greece in focus. The gains the euro recorded were however capped with Alexis Tsipras, the Greek Prime Minister demanding his compatriots to give deaf ears to an international bailout deal in the slated July 5 referendum which is a rather a punch on anticipations of both parties reaching a breakthrough. Some hours ago, the Prime Minister had penned creditors a conciliatory letter which had in it a request a fresh bailout which would honour most of the terms Athens proposed.
The American dollar had lost some strength following a flurry of less appealing US data on Thursday which had been convinced by the mist over the timing if the impending rate hike. The American Commerce Department had announced on Thursday that factory orders had fallen by a 1.0% margin back in May which which is an increment on the anticipated 0.5% decline. On the Greek situation, the Prime Minister had voiced his opinion that a vote opposing the terms of the euro zone’s proposals would enable with a more audacious mandate to negotiate a third bailout program with Greece’s creditor
The EUR/USD had edged upwards accordingly in the way we expected it as the Greek Debt crisis continued to press its influence in the euro. The currency pair had demonstrated a good piece of resiliency by skidding past a principal collapse as a result of a firmly established victory in the Sunday’s public referendum by the Syriza party. The forex community now look to the crucial emergency summit between Greece and its European creditors in Brussels for further prospects of a bailout
The president of the Eurogroup and Chairman European Stability Mechanism Jeroen Dijsselbloem had issued a letter to the top-notch Eurozone officials requesting them to consider the request from Athens for a stability loan. June CPI in China had climbed up by 1.4% which is a jump from 1.3% gain which is obvious as and this is happening; PPI was on the drop exceeding the expected 4.5% drop. This is a strong indication of an deflationary pressure easing on consumer figure.
In the evening of Thursday, Greece had brought forward a copy of an emergency which was signed to its troika of creditors when the expiration of a midnight deadline was three hours away. By the terms of this new proposal, Greece is inclined to a strict package of reforms and a chopping off almost 13 billion euros from their spending. To batter the adoption of the austerity measures, the nation short on cash would get approximately 50 billion euros to skid off bankruptcy on the short term.
For the time been, the government in Athens had pushed forward the supposed official closure of banks including the 60 euros daily restriction on withdrawal from cash machines. The U.K office for National Statistics had announced on Friday that the trade deficit had gotten slimmer to 8bn pounds in May, for April it was 9.39bn pounds with the latter figure a revised one from a previously evaluated deficit of 8.56bn pounds.
The EUR/USD had gathered strength for an upward push on Friday to touch its highest level so far for the month of May. This is happening as there is the general market anticipation of a likely deal between Athens and its creditors for the weekend. The EUR/USD in its soar to a session-high of 1.1214, the first time it is climbing above 1.12 in July and then falling back to 1.1148. Following its opening of 1.0996 at Monday, the euro has put on approximately 1.5% against the American dollar for the week.
The euro had suffered little weakness, holding weaker on Monday as Greece and international creditors seem inclined towards a stop-gap measure despite the fact that talks are proceeding with the most vital emphasis on liquidity to banks malnourished of cash, still pending. The talks at the weekend which were by arrangement to be the last deadline for negotiations by late Sunday were not unified on the next step forward going by reports.
Following the agreement of Greece to the terms included in the third bailout in its 17-hour duration seating with the European Union back on Sunday, it was consequently required for the country to ask Athens for approval. As of the afternoon of Tuesday, the Greek Prime Minister Alexis Tspiras had presented the supposedly edition of Greece’s imposed pensions as well as tax reforms to the parliament. There is a sound anticipation of a vote yesterday as a “yes” vote would go on to reasonably improve on Greece’s chances to settle the financial obligation of a ECB loan including the IMF payment they missed