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    Daily Market Analysis – 17th June, 2015
    By FxGrow Research & Analysis Team

    Global Investors await FOMC rate decision



    Globally investors are awaiting the outcome of the Federal Open Market Committee's two day meeting at 18:00hrs GMT which is expected to create high volatility in the markets.

    Analysts expect that Federal Reserve policy makers will raise interest rates in September this year. Market is pricing in a 67% probability of the Fed hiking rates before its December policy meeting.

    “We expect Fed Chairwoman Janet Yellen to make it clear that the first rate hike is not far off” - Ian Shepherdson, Pantheon Macroeconomics.

    “They think the economy is doing fine, and the majority on the Fed now favors starting rate hikes soon and going slowly" - James Glassman, J.P. Morgan Chase.

    The FOMC is unlikely to change policy in its June meeting, but the statement and comments by Fed Chairwoman Janet Yellen in the news conference will be very important.

    “This market has been and still is a Fed-driven market and it is fan of clear guidance. If Janet Yellen hints whether the Fed will raise in September or December it would be ultimately good for the markets, even though the very short-term reaction will almost certainly be negative” - Michael Antonelli, R.W Baird & Co.

    “The Fed has to start normalizing rates, but there is never a perfect time to do it. The market will adjust to the rate hike cycle if it accepts that the economy is growing and that the Fed will indeed be “gradual” as it moves towards higher rate” - Quincy Krosby, Prudential Financial.

    Greece is running out of time to secure bailout funds and avoid a possible default. The Greek government must reach a deal with its European creditors soon or risk an exit from the Eurozone.

    The probability of a Greek default is at 75% to 80% according to market strategists, with the chances that Greece will secure a last minute deal are at 50%.

    In Germany Investor confidence declined for the month of June. The ZEW Economic Sentiment Index dropped to 31.5 amid concerns over the Greek debt default.

    In UK Inflation turned positive for the month of May. UK inflation edged higher 0.2%, according to the Office for National Statistics.

    In Japan trade deficit increased in May, while imports declined. Trade deficit was 216.0 billion yen in May, while Imports declined by 8.7% to 5.956 trillion yen.

    In New Zealand current account deficit decreased to NZ$1.8 billion in the first quarter of 2015.

    Crude Oil is trading higher at $61.11 mainly driven by the huge decline in US crude stockpile.

    Gold is trading lower in the Europe at 1178.92 ahead of the FOMC statement, while Silver is weak at 15.97

    17th June 2015 – 08:54hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 18th June, 2015
    By FxGrow Research & Analysis Team

    FOMC Minutes reflect a Dovish tone



    The Federal Reserve on Wednesday kept its benchmark interest rate near zero, as it believes improving US economic growth is likely to warrant one or two interest rate increases before the end of the year.

    "Information received since the Federal Open Market Committee met in April suggests that economic activity has been expanding moderately after having changed little during the first quarter" - FOMC.

    "To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate" - FOMC.

    "In determining how long to maintain this target range, the Committee will assess progress - both realized and expected - toward its objectives of maximum employment and 2 percent inflation" - FOMC.

    Majority of Fed officials are willing to raise interest rates this year, according to a survey released by the central bank. Fed is on track to hike interest rates this year.

    "We have to put in place a policy that is appropriate to evolving conditions in the U.S. economy but we can’t promise that there will not be volatility when we make a decision to raise rates" - Federal Reserve Chairwoman Janet Yellen.

    "The timing of a first decision to raise rates is something that should not be overblown whether it is September or December or March, what matters is the entire path of rates, and as I have said the committee anticipates economic conditions that would call for a gradual evolution of the Fed funds rate towards normalization" - Federal Reserve Chairwoman Janet Yellen.

    USD Dollar was weak against its major counterparts after the FOMC minutes signaled a gradual hike path with the EURUSD crossing 1.1350 yesterday and 1.1400 in the European trading session today.

    Euro group is meeting in Luxembourg today and Greece has a last chance to secure a deal before the end of this month. Since Greek officials have refused to submit any new proposals hopes for a solution to the Greek debt deal are low.

    Greek PM Alexis Tsipras is travelling to Russia to meet Vladimir Putin for some weekend talks.

    "Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union" - The Bank of Greece.

    Meanwhile Germany is making contingency plans for Greece to leave the euro as it believes that Greece and its creditors would reach agreement on the release of new bail-out funds.

    In New Zealand economy slowed in the Q1 of 2015. The nation’s economy grew at 0.2% the lowest quarterly growth rate since 2 years. Following the news NZDUSD slipped to a 5 year low of 0.6881 in the European trading session today.

    Crude Oil is trading lower at $61.06 mainly driven by a weak US Dollar as Fed left its benchmark interest rate unchanged.

    Gold is trading higher in the Europe at 1196.44, while Silver is strong at 16.30

    18th June 2015 – 09:01hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 19th June, 2015
    By FxGrow Research & Analysis Team

    Eurozone Summit called after failure of Greece Bailout Talks



    Euro zone leaders will hold an emergency summit on Monday to avoid a Greek default after finance ministers failed again to bridge the gap between Greece and its European creditors.

    The emergency summit will be held in Brussels just eight days before the deadline ends of a Greek default.

    IMF, members of Eurozone and European commission all want Greece to implement budget cuts, mainly through pensions and sales-tax increases, which are needed to restore the country’s long-term financial health.

    “Those are measures that are not popular, they will not be easy to take and the big question is whether the Greek government is prepared to take them. And if they’re not prepared to do that, then they are taking a big, big risk on the future of Greece” - Jeroen Dijsselbloem, Head of Eurozone finance ministers.

    Cash withdrawals from Greek Banks are increasing with almost 2 billion Euros pulled out between Monday and Wednesday after the weekend talks in Brussels failed. Though the Greek government has denied imposing any Capital controls as of now, Greek Central Bank has warned of economic catastrophe if Greece defaults and leaves the Eurozone.

    “Greece will be in default, it will be in arrears vis-a-vis the IMF on July 1, but I hope it is not the case, I really do. There is no grace period or two-month delay, as I have seen here and there" - Christine Lagarde, IMF.

    "Germany's efforts are directed to Greece remaining in the Eurozone. Where there's a will, there's a way - if the political leaders in Greece show this will an agreement is still possible” - German Chancellor Angela Merkel.

    The options that Greece will have whether it is able to reach a deal in the Eurozone summit on Monday or not are:

    - No Deal is reached, Greece will default on its payments to the IMF and ECB, and ECB will pull plugs on emergency bank assistance leading to run on Greek banks, capital controls and potential Grexit.

    - Deal is reached as Greece agrees to the reforms and is able to secure the bailout funds and stays in the Euro.

    - No Deal is reached and Greece still remains in the Euro.

    Greek PM is meeting Russian President Vladimir Putin over the weekend. Russian deputy Finance minister has told that there has been no request for money from Greece, and Russia had no resources for such a bailout.

    "The Eurozone summit on Monday is a positive development on the road toward a deal. There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro" - Greek Prime Minister.

    The Swiss National Bank keeps its monetary policy of negative interest rates intact in anticipation that negative interest rates will dampen the value of the Swiss Franc over time.

    “Negative interest rates in Switzerland make holding investments in Swiss francs less attractive and will help to weaken the Swiss franc over time" - Thomas Jordan, Swiss National Bank Chairman.

    UK Retail Sales rose for the month of May to 0.2% while analyst’s expectations were of a 0.1% decline.

    Crude Oil is trading higher at $60.27 after data showed US Crude stockpiles on the decline.

    Gold is trading higher in the Europe at 1200.40, while Silver is flat 16.14

    19th June 2015 – 09:16hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 22nd June, 2015
    By FxGrow Research & Analysis Team

    Greece Presents New Reforms Package in Eurozone summit



    "Greek Prime Minister Alexis Tsipras is meeting heads of the European Commission, European Central Bank and International Monetary Fund on Monday ahead of a summit of Euro zone leaders later in the day aimed at reaching a deal over debt talks" - Reuters.

    "The prime minister presented the three leaders Greece's proposal for a mutually beneficial agreement that will give a definitive solution and not a postponement of addressing the problem" - Greece's government.

    According to Credit Suisse analysts the most likely outcome of the EU summit is a deal with a 75 percent probability.

    “There is no time to lose. Every day counts. Talks and negotiations must continue so that an agreement is reached" - French President Francois Hollande.

    “Either Greece declares itself willing for a viable solution or the country must leave the euro. The euro zone could cope with the consequences of a Greek exit” - Hans Michelbach.

    “Workers, the unemployed, young people, the Greek people and the rest of the peoples of Europe will send a loud message of resistance to the alleged one-way path of austerity, resistance to the blackmail and scare-mongering” - Syriza party.

    Globally investors are awaiting the outcome of the EU summit and a relief rally in the time of crisis. There seems to be some optimism that a last minute solution will be reached. It is a decision day for Greek PM whether he chooses to accept the deal offered by its European creditors and stay in the Euro.

    The economy of Greece is in trouble since 2010 when the bailout program started as its economy has declined by quarter while unemployment is at 26 percent.
    As Greece is running out of money it will be unable to repay €1.5 billion payment due to the IMF on June 30.

    Bank of Japan has kept its monetary policy unchanged as it would continue with its 80 trillion yen annual asset-buying programme to support the growing economy.

    "Exports are picking up and capital expenditure is rising moderately as a trend as corporate revenues improve” - Bank of Japan.

    In Canada Inflation increased for the month of May to 0.9% mainly led by an increase in food prices. Retail sales in Canada fell by 0.1% to C$42.5 billion in April due to drop in food and electronics.

    Crude Oil is trading higher at $60.44 on hopes of a Greek debt deal.

    Gold is trading lower in the Europe at 1194.06, while Silver is stable at 16.16

    22nd June 2015 – 10:13hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 23rd June, 2015
    By FxGrow Research & Analysis Team

    Eurozone leaders hopeful of deal in next 48 hours



    Eurozone leaders have welcomed new proposals for Greek reforms with hopes that a deal can be struck within 48hrs to avoid a Greek default and keep it in the Euro.

    Eurozone leaders held an emergency summit in Brussels where they discussed the New Greek proposal which made a significant concession on pension cuts. They said the new proposal looks promising and a deal could be reached in the coming days.

    "I am convinced that we will come to a final agreement in the course of this week" - European Commission President Jean-Claude Juncker.

    "We have a huge amount of work to do in the next 48 hours. We are not at all at the end of the route" - IMF chief Christine Lagarde.

    "The proposals offered by Greece today constitute some progress. However, it became clear during our discussions that there is a lot of work to be done and time is short." - German Chancellor Angela Merkel

    “In the case of a wide-ranging and complex event like a Greek default, we fear that market players may not know what they do not know about systemic consequences. Things may break that we do not expect to fail, they may fracture in unexpected ways, and linkages that we never suspected may become both apparent and important" - Carl Weinberg, High Frequency Economics.

    "Several thousand pro-European Greeks staged a demonstration in favor of staying in the euro on Monday in central Athens, a day after thousands of leftists had rallied to protest against a new round of cuts" - Reuters.

    In Euro zone Purchasing Manager's Index rose to 54.1 for the month of May. In Germany PMI came in at 54 and France PMI was at 53.4

    In China HSBC-Markit manufacturing PMI rose to 49.6 for the month of May indicating that business activity contracted for the month.

    In New Zealand consumer confidence declined to a 2 year low in the second quarter of the year. The Consumer Confidence Index slid to 113 in the Q2 of the year mainly due to falling diary prices.

    Crude Oil is trading lower at $60.19 ahead of the weekly report on US stock of Crude and refined products.

    Gold is trading lower in the Europe at 1183.33, while Silver is weak at 15.99

    23rd June 2015 – 10:24hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 24th June, 2015
    By FxGrow Research & Analysis Team

    Markets Focus on Greek Debt Deal



    Greece's PM Alexis Tsipras is in Brussels for crucial talks with its European creditors after it submitted a new proposal to avoid a default and remain part of the Euro.

    Greek PM will be meeting Christine Lagarde - head of International Monetary Fund, Mario Draghi - president of European Central Bank, Jeroen Dijsselbloem - Dutch finance minister over issues of tax rises and spending cuts so that he can secure the much needed bailout funds for his country.

    Eurozone finance ministers are meeting in Brussels today to discuss the new proposal submitted by the Greece. If the proposal is accepted Greece will get its €7.2bn financial aid and will be able to meet its payment of €1.6bn by June 30.

    The funds that are being withdrawn from the Greek banks are in the range of €1 billion a day as investors are worried about a Greek default and the possibility of the Drachma coming back into the nation.

    The IMF is unlikely to get back all its money on time as the Greek's long term debt sustainability is in question and whether or not the country will be fully able to recover from its financial problems.

    The German chancellor, Angela Merkel is under pressure to hold on the 19 nations that form a part of the Eurozone. The chances are that a deal will be struck and give Greece a relief time but the problems in the Euro are far from over.

    “The Euro group has urged the institutions to work closely together with the Greek authorities to start immediately to go into the proposals, getting all the specifics and doing the calculations on them … and all of these with a view if possible to reach an agreement later this week, using the Greek proposals as basis for that” - Euro group President Jeroen Dijsselbloem.

    In Germany Business confidence fell for the month of June. The IFO Business climate Index dropped to 107.4 on concerns over slow growth.

    Bank of Japan board members are concerned about weak consumer price gains in Tokyo. BOJ is most likely to reach its target of 2% Inflation in the first half of 2016.

    "Exports had shown signs of a pick-up on the back of improvement in external demand and of the effects of the euro's depreciation. Corporate results had been improving, partly due to the depreciation of the euro, and business sentiment had also shown movements toward a pick-up" - Bank of Japan minutes.

    In US Core Durable Goods Orders rose by 0.5% in May, while total orders for durable goods plunged by 1.8% for the month of May.

    Crude Oil is trading higher at $61.57 on expectations for a weekly decline in US crude supplies.

    Gold is trading lower in the Europe at 1179.51, while Silver is weak at 15.91

    24th June 2015 – 10:00hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 25th June, 2015
    By FxGrow Research & Analysis Team

    Markets run out of steam as Greek talks stall again



    European stock markets closed lower on Wednesday after Alexis Tsipras, Greece’s prime minister, failed to reach a deal with its creditors in Brussels to secure the much needed €7.2bn bailout funds.

    FTSE, DAX, CAC40, IBEX35 all ended the day in red as a Greek official told reporters that the governments proposed measures had not been accepted by its international creditors.

    Greece and its European creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting today.

    If Greece will fall out of the Eurozone, German Chancellor Angela Merkel would suffer the blow. As the de facto leader of the European Union she is responsible for deciding whether the cost of 240 billion euros is justified for keeping Greece in the Eurozone.

    “The chancellor is completely aware of the situation and the consequences, both politically speaking and economically speaking, of a Grexit. I think the Germans now will push with us to find a compromise in the coming days if the Greeks decide to accelerate and work for a credible package" - Emmanuel Macron, French economy minister.

    Greece's ruling party has condemned the latest proposals from its European creditors as being blackmail over a bailout deal.

    "The lenders' demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax." - Syriza party's spokesman.

    "There's a sense Greek negotiations will extend through the end of the month and markets appear to believe there'll eventually be an accord. An agreement may spur buying momentarily, but the euro will probably be sold as focus shifts to the dollar" - Yasuhiro Kaizaki, Sumitomo Mitsui Trust Bank.

    "The previously unsuccessful attempts to find a solution to the debt crisis in Greece as well as the country's impending default now appear to be dampening German consumers' economic outlook, this raises doubts in consumers' minds, because the consequences of Greece's departure cannot be predicted at the moment" - GfK market research group.

    In Germany Business Confidence hit a 4 month low in June. The Business climate Index declined to 107.4 according to the German research institute.

    In US the economy contracted in the Q1 due to bad weather, a strong US dollar as US GDP declined to 0.2% annualized rate according to the Commerce Department.

    Crude Oil is trading lower at $60.28 after a report showed weekly drop in US crude stockpiles.

    Gold is trading lower in the Europe at 1175.81, while Silver is weak at 15.86

    25th June 2015 – 08:00hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 26th June, 2015
    By FxGrow Research & Analysis Team

    Greek crisis extends into weekend before Sunday's Final Deadline



    Greece was unable to close a deal with its European creditors on Thursday, as the crisis extends into weekend before the final deadline on Sunday to avoid a default.

    Euro zone finance ministers finished their third round of meeting in a week without an agreement as Greek Prime Minister Alexis Tsipras tries to convince its European creditors and secure the much needed bailout funds for his country.

    "The institutions informed us that on a number of issues there is still a wide gap with the Greek authorities. In the meantime, the door is still open for the Greek authorities to accept the proposals tabled by the institutions" - Euro group chairman Jeroen Dijsselbloem.

    "The climate is that either by Saturday Greece accepts or on Saturday there will be a discussion about Plan B" - Euro zone official.

    "The institutions are going to look again at the two documents - our documents and their own. There will be discussions with the Greek government and we'll continue until we find a solution” - Greek Finance Minister Yanis Varoufakis.

    "Certain institutions insist in not accepting equivalent measures suggested by the Greek government. The non-acceptance of equivalent measures has never happened before. Neither in Ireland nor in Portugal." - Greek Prime Minister Alexis Tsipras.

    Greek's International creditors have rejected the government's plan to end its financial crisis, but they have submitted counterproposals. Time is running out and strong measures would be needed to avoid a default and prevent Greek banks from collapsing thereby limiting any market contagion to other euro area countries.

    The new proposal submitted by Greece aims to make €8bn in savings, by new taxes on the wealthy and businesses, VAT increases and a cut in defense spending. But in counter-proposals its European creditors have called for further measures on pensions, higher value added tax for restaurants, and for defense expenditure to be slashed by € 400 million.

    "I want to stress that it's not just a matter of Greece, it's a matter of the future of Europe. What's happening now in Greece is going to happen tomorrow in other countries" - Dimmitris Kammenos.

    “Without a substantial form of debt relief, which looks unlikely in an initial agreement, Greece’s debt ratio will remain unsustainably high and the crisis will continue.” - Jonathan Loynes, Capital Economics.

    In Germany GfK consumer sentiment index declined to 10.1 going into July following a decline in German business morale in June. GfK said that Greece's default and exit from the currency bloc, which had seemed a remote possibility, now appears to be quite realistic.

    New Zealand logged a Trade surplus of NZ$350 million for the month of May far surpassing analysts’ expectations. The Reserve Bank of New Zealand is unhappy with New Zealand Dollar' strength as the Kiwi Dollar slid to the lowest level in five years versus the US Dollar.

    In UK Retail sales growth slowed for the month of June. The British retail sales balance dropped to +29 this month, down from +51 in May.

    In US Initial Jobless Claims rose to 271K last week according to the US Department of Labor.

    Crude Oil is trading lower at $59.58 as trader’s eye Greece debt talks.

    Gold is trading lower in the Europe at 1173.53, while Silver is weak at 15.83

    26th June 2015 – 09:39hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 29th June, 2015
    By FxGrow Research & Analysis Team

    Greece Crisis Intensifies as Global Stock Markets Slide



    Greece debt crisis has intensified after the European Central Bank decided not to extend emergency funding. Greek Prime Minister Alexis Tsipras has announced a referendum to vote on whether to accept the bailout measures offered by its European creditors on July5.

    Greek Banks have been closed and capital controls have been imposed to prevent financial chaos following the breakdown of talks with its European creditors.

    Stock markets in Europe and Asia witnessed falls with London's FTSE 100 index down by nearly 2%. In Asia Japan's Nikkei fell nearly 3% in the early trading session.

    Euro opened with a gap of more than 200 pips touching a low of 1.0953 in the early Asian trading session.

    Bond yields for Italy, Spain and Portugal rose sharply, while German bond yields fell in the time of crisis.

    In Greece Banks will remain closed till 6th of July and cash withdrawals are limited to €60 in a day. The Athens stock exchange will also remain closed.

    “Following the decision by the Greek authorities to hold a referendum and the non-prolongation of the EU adjustment programme for Greece, the governing council declared it will work closely with the Bank of Greece to maintain financial stability” - ECB.

    “We continue to work closely with the Bank of Greece and we strongly endorse the commitment of member states in pledging to take action to address the fragilities of euro area economies” - ECB President, Mario Draghi.

    "While the imposed restrictive measures appear necessary and proportionate at this time, the free movement of capital will however need to be reinstated as soon as possible in the interest of the Greek economy, the Eurozone, and the European Union's single market as a whole" - European Commission.

    After the failure of the debt talks on Friday and the decision of the European Central Bank to freeze emergency loans for Greek banks has led to capital controls. This has increased the risks of a Greek exit from the Euro in the coming times.

    After the Eurozone finance ministers on Saturday turned down a request for an extension of the Tuesday payment to the IMF Grexit is possible. “Grexit” is short for the possibility of Greece exiting the European Union and moving away from the Euro.

    Crude Oil is trading lower at $58.37 on Greek default concerns.

    Gold is trading lower in the Europe at 1177.22, while Silver is weak at 15.81

    29th June 2015 – 11:00hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    Daily Market Analysis – 30th June, 2015
    By FxGrow Research & Analysis Team

    Greece expected to Default on Its Payment to the IMF today



    Greece is expected to default on its payment of €1.6bn to the IMF today. The 5 year Greece bailout program will come to an end today by 6pm Washington time.

    Meanwhile Greek banks remain closed as Greece is almost out of money after the European Central Bank turned down a request from the Bank of Greece for €6bn in emergency funds.

    Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system - Telegraph.

    “The Greek government will make use of all our legal rights. We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable" - Greek Finance minister, Yanis Varoufakis.

    Greek PM Alexis Tsipras has called the referendum over the weekend on July 5, as Euro hits a 7 year low against the British pound.

    “The greater the number of no [votes], the greater the weapon the government will have to relaunch negotiations. Greece never left the negotiating table, it is still at the negotiating table” - Greek prime minister, Alexis Tsipras.

    “I do see the potential for disruptions that could affect the European economic outlook and global financial markets. To the extent that there are impacts on the euro-area economy or on global financial markets, there would undoubtedly be spillovers to the United States that would affect our outlook as well” - Federal Reserve Chair Janet Yellen.

    Greek Prime Minister Alexis Tsipras has urged voters to reject the demands of its European creditors.

    "We ask you to reject it with all the might of your soul, with the greatest margin possible. The greater the participation and the rejection of this deal, the greater the possibility will be to restart the negotiations to set a course of logic and sustainability" - Greek PM.

    Greek Banks remain closed with capital controls in place so that customers can only withdraw a maximum of 60 euros in a day. After ECB refused further funding Greek banks had no choice.

    Greece has to repay 1.6billion euros to the IMF today and is likely to default on its payment today. Greece owes 3.5 billion euros to the ECB on July20. The current Greek bailout financed by ECB, IMF and the European Commission also expires today.

    Crude Oil is trading lower at $58.86 on Greek default concerns.

    Gold is trading lower in the Europe at 1173.79, while Silver is weak at 15.72

    30th June 2015 – 10:47hrs GMT

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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