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    Everyone is tired, everyone is waiting for the referendum

    Everyone is tired, everyone is waiting for the referendum
    Yesterday the most notable event was publication of labor report in the U.S.A. The reaction was quite moderate on the threshold of referendum in Greece. Despite some weakening of dollar after publication of data, it is more likely to be explained by expectations of outcomes of referendum rather than by the actual data, which can’t be considered as a negative. The unemployment rate decreased, growth of new work places only slightly differs from forecasts. Certainly it’s unpleasant that the share of employed population in the total number and growth rates of hourly pay remain low, but it is not enough to talk about weakness of report. Worse still that the overall picture of economic indicators doesn’t show stable improvement. Yesterday production orders showed another fall, herewith worse than predicted. It makes investors doubt growth prospects of American economy. 
    This day is practically a short day. On the threshold of Independence Day, July 4, most markets are closed in the U.S.A. In the second half of the day, the exchange market will probably fall asleep. At European session there are reasons for activity, particularly, retail sales and final PMI in service sphere in the Eurozone and PMI in the U.K. Still, serious movements should not be expected here. Now the focus is on the referendum in Greece, few will take a risk. The market is so tired of this saga, that yesterday the market completely ignored Tsipras’ promise to conclude an agreement with creditors during 48 hours after the referendum. Actually, only if Greeks answer “no” to the question of the referendum there can be talk about any certainty – such answer is negative for euro. And the answer “yes” will provoke new questions. For instance, whether Tsipras will resign in this case. If he doesn’t, then new painful negotiations with inconvenient partner will be ahead. And it is a question how euro will behave in this case. We only have to wait until Monday. 
    Trade tactics:
    Out of the market. We are waiting for anything to be decided in Greek issue. 
    Any opinions, advice, news, research, analyses, prices or any other information presented on this webpage is provided as general market commentary and does not constitute investment advice. "Vector Securities" shall not be liable for any loss, including loss of profit, which may arise directly or indirectly from the use of this information. 

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