Market Brief
European political jitters and mounting uncertainties about Greece’s future will attract again all market’s attention this week as the “IMF deadline” is fast approaching. However, markets do not seem to consider a Greek default as bad news for the Eurozone anymore. The high level of uncertainty stemming from the Greek situation is weighing on investors’ mood and markets are now bored of this never ending back and forth negotiation process. EUR/USD is even on the rise again since Friday and European equity futures opened in green this morning while no agreement has been reached between Greece and its creditors. Euro Stoxx 50 is up 2.29%, the DAX is up 1.88% while the CAC 40 is up 2.50%. EUR/USD is testing the strong resistance at 1.14 as traders await the unwinding of “last chance” proposal by Greek government to EU officials.
European political jitters and mounting uncertainties about Greece’s future will attract again all market’s attention this week as the “IMF deadline” is fast approaching. However, markets do not seem to consider a Greek default as bad news for the Eurozone anymore. The high level of uncertainty stemming from the Greek situation is weighing on investors’ mood and markets are now bored of this never ending back and forth negotiation process. EUR/USD is even on the rise again since Friday and European equity futures opened in green this morning while no agreement has been reached between Greece and its creditors. Euro Stoxx 50 is up 2.29%, the DAX is up 1.88% while the CAC 40 is up 2.50%. EUR/USD is testing the strong resistance at 1.14 as traders await the unwinding of “last chance” proposal by Greek government to EU officials.
On Friday, Brazil’s mid-month inflation report surprised markets to the upside with a read at 8.80%y/y versus 8.64% expected or 0.99% versus 0.85% consensus on a month-over-month basis. The BRL reacted negatively to the headline, USD/BRL gained momentum and erased losses of the previous day to return to 3.0980. The BCB’s quarterly inflation report due next Wednesday will shed some light on inflation forecast and therefore the development of Brazil’s monetary policy.
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Regards,
Customer Relationship
and Promotion Dept.
FX PIP Signal
support@fxpipsignal.com
Website
http://www.fxpipsignal.com
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