Global macro overview for 21/07/2015:
After almost a month of Greek negotiations with creditors, the market is now going back to the fundamentals. The creditors made some important decisions towards the future of the eurozone and the euro currency during the hectic weeks of negotiations with Greek people. It looks like the worst scenario for Greece (Grexit) has been avoided for now, so the market participants again can focus on the economic data from the EU. The first important news release is today's German IFO business climate indicator for the month of July. The market expects the number to be quite high at the level of 107.4 with the current assessment data at the level of 113.1.
The most liquid currency in the world is trading just above the key support at the level of 1.0815 at the time of writing.
The scheduled news release is as follows (GMT):
08:00 Germany IFO - Business Climate 107.4
08:00 Germany IFO - Current Assessment 113.1
08:00 Germany IFO - Expectations 102.0