All eyes are now on the good people of Greece, who are to vote in a referendum this Sunday. The issue at hand is whether the Greeks should accept the deal their creditors have offered. The alternative? The country going flat broke and/or getting out of the Eurozone, which – let’s face it – can’t be good for the economy of the region.
The leitmotif of the past week was crisis in Greece and whether the country, part of the Eurozone, will be able to reach an agreement with its European creditors and the International Monetary Fund. The week started optimistically, on indications of an upcoming agreement between the parties. All leading European stock benchmarks were on the rise, with the EUGERMANY30 and EUFRANCE40 appreciating by 4.42% and 5.36%, respectively.
The U.S. Treasury Department has announced that it is kicking Alexander Hamilton off the the $10 dollar bill in 2020 to replace his image with a female one.
The Greek Prime Minister Alexis Tsipras has made a new proposal to German Chancellor Angela Merkel, French President Francois Hollande, and EU Commission President Jean-Claude Juncker, in the hope of reaching an agreement between his country and its foreign lenders. A definitive decision on Greece’s future is expected from an emergency summit of Eurozone leaders later today.
Monday June 22, 2015
Existing Home Sales – USA – 3:00 pm GMT
On the 22nd of June the National Association of Realtors (NAR) will present the data from the last-month real-estate sales. Last months data didn’t meet the expectations of 5,23M couldn’t be reached, however the actual value of 5,04M, which is the lowest number since January, didn’t cause the EUR/USD to move drastically.
The US dollar suffered a poor week, depreciating against most major currencies. Wavering data coming from the US economy intensified speculations about a Fed rate hike in September, rather than in June – as was the talk until recently. The FOMC meeting on Wednesday will be awaited with great attention and focus by all market participants. The EUR/USD edged up 150 pips, the GBP/USD appreciated by 290 pips, the AUD/USD added 110 pips to its value, while the USD/JPY ended the week 224 pips down.
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According to Greece’s Minister of Interior Nikos Voutsis, the country won’t be able to pay its upcoming payment to the International Monetary Fund next month. In his statement on Sunday,Voutsis underlined that without a deal with its creditors, Greece is likely to become insolvent.