07.07.2015 - Politicians continue to search for consensus on the Greek crisis
Currency trading and the euro. The price of euro continues to decline after the referendum in Greece, where the population did not support the proposal creditors. As a result, Germany and France offered to provide Greece the new proposals for reform in the country and the IMF announced the termination of cooperation, but at the same time confirmed the readiness to provide technical assistance. Today will be a summit of EU leaders which will discuss the Greek crisis. Today, the dynamics of trading will also be affected by the data on the volume of industrial production in Germany (06:00 GMT), the US trade balance (12:30 GMT) and the number of open positions in the US (14:00 GMT). Our medium-term outlook remains negative.
Currency trading and the British pound. The price of the British pound yesterday offset losses and returned to the levels of late last week. Investors continue to monitor the Greek crisis. Today, the dynamics of trading activity will be affected by the data on the volume of industrial production in the country (08:30 GMT) and the publication of the forecast for GDP growth in the UK (14:00 GMT). Our medium-term outlook remains negative, but we can reconsider it in case of hints on the timing of rising interest rates the Bank of England.
Currency trading and the Japanese yen. The price of the Japanese yen continued to decline due to lower demand for defensive assets, which grew strongly at the beginning of the trading week after the referendum on the austerity measures in Greece. Investors continue to monitor the situation around the Greek crisis and in case of deterioration, the yen's rise will continue. Tomorrow the course of trading will be affected by the data on the balance of payments in Japan and the index of the current economic situation assess in the country. Our medium-term outlook remains negative, but we do not exclude the growth of prices in the near future.
Currency trading and the Australian dollar. The price of the Australian dollar continues to consolidate near the psychologically important level of 0.75. Today the Reserve Bank of Australia decided to keep interest rates at 2.0%, in line with expectations, but at the same time, lower interest rates can occur during the next meeting of the Reserve Bank of Australia. In the near future course of trading will be affected by the news on the Greek crisis and the labor market statistics in the country, which will be published on Thursday. Our medium-term outlook remains negative and we expect a further reduction in the price of the Australian dollar.
Currency trading and the New Zealand dollar. The price of the New Zealand dollar is still under the pressure of a number of fundamental factors, including the easing of monetary policy in the country and the expected further decline in interest rates of the Reserve Bank of New Zealand. Also, a negative impact on the course of trading has the strengthening of the US dollar and low prices for milk powder, which is a key export commodity in the country. Our medium-term outlook remains negative, but after a strong decline, we may see a correction prices.