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    Greek Referendum will be the major focus

    Greece remains the biggest anguish for traders going into the weekend. The vast focus remain towards the Greek referendum through out this week but for a brief moment, the US NFP pay roll data occupied all the spot lights. Market participants were expecting that we will receive a very strong flash light of the US NFP data, but the actual reading came a little soft. This has tempered some of the speculations in the markets that a rate hike is undeniably on the cards during September.

    The US factory orders and the wage numbers will remain the key focus going forward until September and if the next few months do print robust readings, this will make the Fed case to raise the interest rate more concrete.

    Back in Europe, it is all about Greece and what this weekend will bring for traders next week. No matter what the outcome will be, one thing is for certain that next week is surely not going to be a walk in park. Regardless if we get the Yes or No vote, the upcoming week will be highly tricky.
    If there was ever a question that should Greece call a referendum for its fiscal matter, which somehow they have twisted in a way that it is according to their constitutional law to have a referendum, the designed questions are even more twisted. You practically need a Phd in Greek methodology to understand the question and surely need a patience to read an essay long question.
    Nevertheless, everything boils down to one fact that if you choose Yes, this mean that you are comfortable to take more austerity regardless what the pain is going to be like. On the flip side, if you choose No, this mean that you are leaving the euro. The polls are extremely close as always there is a split of 47% for Yes and 41% for No. However, if you make the same question more understandable and ask the public if they want to say stay in the euro zone or not, then the results are very shocking as the polls show a massive percentage of 74 in favour of staying within the euro zone.

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