InstaForex - Analytics


696.00 6.50/10
61% of positive reviews

Global macro overview for 06/08/2015

Global macro overview for 06/08/2015:

Discussions between Greece and the International Monetary Fund, European Central Bank, European Commission, and the European Stability Mechanism started in the last week of July. Currently, Greek Prime Minister Alexis Tsipras is convinced that Greece will close the 86 billion euros deal with the creditors soon. The main subjects were privatisation, pensions, and the situation over the Greek banks. The poor Greek banks situation (undercapitalized) and a possible recapitalization have caused collapse on the Greek stock market. The FTATBNK index fell 63% in last three trading sessions starting from Monday. Nevertheless, an agreement must be made by August 20, when a 3.5 billion euro debt installment to the European Central Bank is due.

The EUR/USD pair is not much reacting to the news from Greece so the most of the market participants are focused on Friday's NFP report far as. After breaking out below the golden trendline, the market is currently testing the trendline from the downside. Any failure here would increase the possibility o bearish sentiment and push the EUR/USD pair towards the first important support at the level of 1.0808.


Show full picture

To leave a comment you must or Join us

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree