Spreadex Market Update
Finns approve Greek deal, whilst Greek banks await ECB ELA decision
For all the focus on the Bundestag vote, Finland could have been another big obstacle for Greece given the pro-Grexit stance of the country’s deputy Prime Minister Timo Soini and the bearish comments of finance minister Alexander Stubb throughout the last few months. However, in a market boosting move the Finnish parliament backed the deal, giving Stubb the mandate to discuss the conditions of a third bailout, and importantly putting more pressure on Merkel and co. ahead of Friday’s German vote.
Currently the two other key Greek issues remain unresolved. Reports suggest that the €7 billion Greek finance bridge has been ‘agreed in principle’, but likely won’t be confirmed until after the technical details have been thrashed out. The fairly crucial factor of where the funds will actually come from, however, still remains unclear, with the EFSM still the most likely source. The ECB ELA decision, meanwhile, hasn’t yet arrived, with pressure mounting ahead of the central bank’s afternoon meeting (and subsequent press conference) for Draghi to raise the liquidity cap and ease the suffocating situation the Greek banks (and by extension the Greek people) find themselves in.
Janet Yellen’s hawisk(ish) but largely un-enlightening comments in front of the House Financial Services Committee on Wednesday afternoon left both the dollar and US markets in fairly meek form as the Fed chair’s comments failed to spark much appetite for risk, despite the promise of a rate hike at some point this year. Things are looking slightly livelier this morning, with jobless claims and another Yellen testimony, this time in front of the Senate Banking Committee, to look forward to.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
