Global macro overview for 01/07/2015
It is all about Greece all the week long.
Today, Greece missed the IMF payment of 1.5 billion euros and its bailout is officially expired. Please notice Greece had faced default 6 times since 1830, so this is nothing new for this country. Critical talks took place in Athens and Brussels, but the chancellor Merkel said there is nothing to negotiate before Sunday's national referendum. Yesterday, Greece proposed to extend the bailout for 2 more years, but it has been rejected by the Eurogroup.
Today's news events from Greece that will affect the markets:
- 10.00 - ECB meets to tal ELA
- 15:30 - Eurogroup teleconference
EUR/USD current market situation:
After filling the gap, the most liquid pair is slowly, but surely falling towards the level of 1.0945. Support is seen at the level of 1.1077, resistance is seen at the level of 1.142.