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Posted July 13th, 2015 by Charles Purdy

Euro still troubled

Yesterday the euro fell against the majority of currencies, apart from sterling, as it moved to five-week lows against the US dollar ahead of a Eurozone summit on Greece later in the day. This was due to growing fears that the country will eventually have to exit the euro area.…

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Posted July 13th, 2015 by Charles Purdy

Euro surprises by holding steady

The euro edged slightly weaker against other major currencies on Monday, but losses were contained as the markets eagerly await any further developments in the long-running Greek debt crisis. The single currency moved lower in the early hours of the morning after Greece rejected conditions for a bailout package from creditors in a referendum on Sunday, with 62% voting “No”.…

Posted July 8th, 2015 by Charles Purdy

Could this end the Greece conversation?

The Greeks have voted “No” to yet more austerity – probably not unreasonable given 50% youth unemployment and 25% overall unemployment – but their government costs are still bloated so reform is required. The initial reaction has been somewhat muted with euro weakness much less than expected but how Greece and its creditors will sort out this mess over the coming few days is anyone’s guess, although the fallout from a Greek exit given its uncertainty is probably, if possible, best avoided.

Following this, there is very little data out this week that will carry any further clout. French and German trade balances will be released midweek, along with Italian industrial production on Friday.

Posted July 8th, 2015 by Charles Purdy

What will the Greek referendum bring?

Thursday was a relatively quiet day for the euro as it stayed flat against sterling, but pushed slightly higher against the US dollar. Investors remained, for the most part, focused on the Greek referendum on Sunday which will decide the country’s future in the euro zone – and banks will remain closed today; likely to re-open this coming Tuesday.

Hopes for a last minute deal between Greece and the Eurozone were quashed on Wednesday after the Greek Prime Minister Alexis Tsipras started campaigning to reject the terms of an international bailout deal, and polls suggest that this Sunday’s voting will be a tight race and difficult to predict.

Posted July 5th, 2015 by Charles Purdy

Greece, Greece, Greece, Greece, Greece

Wednesday was a difficult day for the euro as it fell lower against the major currencies; this was despite the European equity markets actually increasing due to fresh hopes for a deal between Greece and its international creditors. The general market was boosted after Greek Prime Minister Alexis Tsipras sent new proposals as part of a request for a third bailout; this indicated that he was prepared to accept the majority of spending cuts demanded by the European Central Bank (ECB), International Monetary Fund (IMF), and the rest of Greece’s creditors.…

Posted July 3rd, 2015 by Charles Purdy

Greece situation rumbles on

With all eyes on the euro on Monday, it started the day very badly but regained ground in the afternoon, despite Greece moving a step closer to a default. The Swiss National Bank did intervene by weakening the Swiss franc, therefore supporting the single currency. The current ceiling for the European Central Bank’s emergency loans is €89 billion, and near enough virtually all this money has been spent across the Eurozone. Late yesterday evening, there were reports that the Greek government had stated that they would not be paying the €1.6 billion loan repayment to the IMF due today – this is likely to be todays big news.…

Posted July 3rd, 2015 by Charles Purdy

Big day today for Greece

The euro stayed relatively quiet on Tuesday, gradually pulling away from recent lows against sterling and the US dollar as reports emerged that attempts were underway to try and scrape a last minute deal together between Greece and its creditors and ensure Greece avoid a default. As of writing, this last ditched effort hasn’t been successful , Greece hasn’t paid the €1.6 billion or an alternative deal struck. So the saga continues until Saturdays referendum.

There is Eurozone Purchasing Managers Index data for manufacturing out this morning, which is expected to be steady when compared to last month, but this is likely to have very little impact due to the magnitude of Greece defaulting.…

Posted July 2nd, 2015 by Charles Purdy

Euro hurt by Greece

The Greek debacle escalated over the weekend as the Greek government called a referendum for next weekend which caused the euro and stock markets to tumble across the board as markets opened in Asia on Monday morning. It would seem, barring a miracle, that the €1.6 billion repayment due to the International Monetary Fund (IMF) on 30th June won’t be paid. It doesn’t mean that the debt is automatically in default because there is a due process that needs to be gone through but it doesn’t help. So we can expect a week of high drama as events unfold for both Greece and the euro.

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