Global macro overview for 17/07/2015:
On its monthly meeting yesterday, the European Central Bank agreed to leave the current interest rate unchanged at the level of 0.05%. The deposit facility rate was left unchanged at -0.20%. That came out in line with the market expectations. Nevertheless, more attention had been paid to the ECB increase of the emergency liquidity assistance for Greece. It had been raised to the level of 900 mln euros over a week. This might be a turning point in restoring the financial help for Greek banks that had been closed for over three weeks now due to capital control and liquidity problems.
The market reaction for this news was rather muted, but the downtrend started to continue later and a daily candle closed lower at the level of 1.0875. This is another example that the market does not react euphorically on the news from Greece.