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Posted July 23rd, 2015 by Charles Purdy

Slight strength for the euro

Despite no data being released from the Eurozone yesterday, the euro gained over a cent against both sterling and the US dollar. EU Financial Commissioner Pierre Moscovici has announced that as long as the Greek government can implement the reforms attached to the third bailout package, debt relief will be given. This is a huge step forward as debt relief has been a big sticking point throughout negotiations in recent months.

This morning we see Italian retail sales data released, which is forecast to show a decline of 0.6% from June. The real focus of the day largely remains on Greece, where members of the Greek government will be voting on the terms of the third bailout package.…

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Posted July 23rd, 2015 by Charles Purdy

Euro continues its negative run

Friday was a disastrous day for the euro, as it struggled against the majority of other currencies. The single currency had found some support earlier in the week, as Eurozone ministers agreed to give Greece a €7 billion bridging loan from a European Union fund so as to keep its finances afloat until the bailout is finally approved.…

Posted July 23rd, 2015 by Charles Purdy

Greek banks reopened

Yesterday saw the re-opening of Greek banks, after they were shut for three weeks. Although capital controls remain, restrictions on cash withdrawals have relaxed slightly allowing weekly withdrawals of €420 per transaction. Given Greece’s current bridging loan of €7 billion only lasting until the end of July, negotiations continue, with Greece pushing for further debt relief.…

Posted July 22nd, 2015 by Charles Purdy

Euro continues to weaken despite the “Yes” vote in Greece

Unsurprisingly the euro’s movements this week were largely dictated by events in Greece. Eurozone leaders managed to reach an agreement on a bailout on Monday morning, and many assumed this would pave the way for a stronger euro – yet this did not materialise.

Speculation continued well into the week as to whether the Greek parliament would agree to the harsher austerity measures, and despite a successful “Yes” vote early on Thursday morning, the euro weakened across the board and hit fresh 7-year lows against sterling. Questions still remain about whether the Greek debt is sustainable, and how Greece will fund its banks in the short term.

Posted July 22nd, 2015 by Charles Purdy

Euro struggles even as Greece’s parliament agrees austerity measures

The euro had a difficult day on Wednesday, thanks to very little data or news being released and investors waiting to see if the Greek parliament would push through the harsh austerity measures demanded by the Eurozone creditors. This was not helped by…

Posted July 22nd, 2015 by Charles Purdy

Greece situation continues to affect the euro – could today be the day?

It was a day of mixed fortunes for the euro on Tuesday, as it rose to highs against the US dollar, but fell against sterling – however, this was largely driven by other forces in the market, as poor US retail sales hurt the US dollar; and sterling was positively affected by Mark Carney’s thoughts about interest rates. Investors were also waiting to see the Greek reaction to the incredibly harsh austerity measures being demanded by the European creditors to help ensure that they do not need leave the Eurozone.

Coming up today, we have Consumer Price Index (CPI) data from France, which will make a significant contribution to Thursday’s CPI data for the Eurozone as a whole.

Posted July 22nd, 2015 by Charles Purdy

The euro drops despite bailout agreement

The unusual patterns for the euro continued on Monday. When Greece vote “No” in their referendum, the currency strengthened – but when the Eurozone minister announced that an ‘agreement’ had been reached, the currency weakened significantly against the majority of currencies. Eurozone leaders finally hammered out an agreement on a bailout for Greece on Monday morning – although Athens has to agree to these terms via their parliament if Europe is to implement the bailout. Greece plans to raise sales taxes, cut pension payments and enforce automatic spending cuts before negotiations on third bailout programme can begin – and this all has to be finalised by Wednesday.

Posted July 22nd, 2015 by Charles Purdy

Another Greek deadline, hopefully this one will be met

It was a good week for the euro against sterling and the US dollar, rallying by over 1% to fresh one-and-a-half week highs against the US dollar on Friday. Progression on the Greek debt front boosted the demand for the single currency as it continued to strengthen against the majority of the main currencies after the Eurogroup described Greece’s latest proposals aimed at securing a vital bailout as ‘thorough’. This was exactly what the European finance ministers were looking for.

Detailed discussions have taken place over the weekend and are continuing this morning and have involved both the leaders and finance ministers of the Eurozone member countries.

Posted July 22nd, 2015 by Charles Purdy

Another weekend of worry for the euro

It was a fairly quiet day for the euro yesterday as markets eyed fresh reform proposals from Greece after the country requested a new three-year bailout on Wednesday. There was little news on whether these terms were still being negotiated. Greece’s request for more emergency loans still remains in the balance and will largely depend on whether Prime Minister Alexis Tsipras makes a huge turnaround on tax increases and most importantly pension cuts after five months of ongoing negotiations. German Finance Minister Wolfgang Schäuble said that ‘the actual examination can only begin once the full package has been put on the table’.

Posted July 13th, 2015 by Charles Purdy

Is the euro defying gravity?

The euro enjoyed a good day against sterling based on the hope rather than perhaps the belief that the latest negotiations between Greece and its creditors might lead to the all elusive deal to keep the nation from defaulting and leaving the Eurozone.…

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