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Collinson FX Market Commentary - July 8 - Greeks bite hand that feeds

by Collinson FX on 8 Jul 2015
Team SCA rounds the Toroa Point mark Richard Gladwell www.photosport.co.nz
Collinson FX Market Commentary - July 8 - Greeks bite hand that Click here to find out how to get CollinsonFX's free iPhone app

July 8 - The Greeks voted 'No' to the European austerity plan and an exit from the Euro looms. Overnight the confrontational and divisive finance minister, Voroufakis, resigned to assist negotiations.

EU leaders will now consider a new Greek proposal tonight and decisions will have to be made. Will the EU agree to conditions of further bailout loans on Greek terms, writing off previous loans and extending new ones unlikely to be ever repaid? As insane as the proposition is, it will be considered, in an effort to save the conflicted single currency.

The EUR jumped back above 1.1000, while the GBP regained 1.5600, despite falling equity markets and rising apprehension. Commodities continue to weaken in the face of global uncertainty, with the AUD battling around 0.7500, while the KIWI attempts to regain 0.6700.

The following week will be consumed by the Greek crises and developments will throw markets into disarray with volatility a certainty!


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