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Mid-Day Report: Eurogroup Approved Greece Bailout, Euro SoftEuropean stocks are generally higher today on positive news regarding Greece. DAX is trading up 1.85%, CAC up 1.8% while FTSE is up 0.7% at the time of writing. Nonetheless, Euro remains weak against dollar, yen and sterling. Just released, Eurogroup said in a statement that it decided to "grant in principle a 3-year ESM stability support to Greece" subject to completion of relevant national procedures. The form decision will be made by the ESM board of Governors by the end of this week. That was a prompt and positive to approval of the austerity by Greek parliament late yesterday. Also, Eurozone finance minister approved a EUR 1b bridge loan to Greece. That would help Greece pay a EUR 3.5b payment to ECB due next Monday. Also, ECB said it will raise the limit of the Emergency Liquidity Assistance to Greek banks by EUR 900m over one week. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.0905; (P) 1.0970 (R1) 1.1011; More.... Intraday bias in EUR/USD remains on the downside for the moment. Fall from 1.1436 has just resumed and deeper decline should be seen to 100% projection of 1.1436 to 1.0915 from 1.1215 at 1.0694. The corrective structure so far suggests that it's a leg inside the consolidation pattern from 1.0461. Thus, we'd be cautious on strong support above 1.0461 to bring reversal. Meanwhile, above 1.1215 will turn focus back to 1.1466 resistance instead. |
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