Spreadex Market Update
Eurogroup to work from creditor-approved, but Athens unsupported, proposal this afternoon
The outcome of this was predictably disappointing, with the Eurogroup set to work from a ‘unanimously agreed’ creditor-submitted proposal, one that importantly hasn’t got the backing of Athens.
June has been a month where the creditor cabal has really tightened the noose around Greece, seemingly ignoring every attempt at comprise from Tsipras with a steely eyed determination to get what it wants. In response to the latest dispatches the markets had a bit of a fit, shooting up on the news of the ‘unanimous’ agreement before falling back slightly when ‘unanimous’ was revealed to mean ‘without Greece’s approval’. This still leaves the DAX near the level it started at on Wednesday, but with its gains looking on the slightly eager-side of hopeful.
In a shocking turn of events, the FTSE followed the DAX slightly higher, in a move reminiscent of nearly every day in June so far. Despite a weaker than expected CBI realised sales figure, the FTSE remained firmly focus on the Greek-dealings in Brussels, with little room for any news on Cameron’s search for an EU renegotiation.
A relatively flat performance from the dollar has pushed the US futures higher as they try and recover from yesterday’s precipitous declines. This afternoon sees another set of data that will be of interest to the Federal Reserve; the latest unemployment claims figure is expected to be slightly higher than last week’s, but only by a nudge, whilst the Fed-favourite core PCE price index is forecast to be flat at 0.1% and personal spending and income are both predicted to rise. If all these dollar-boosting, rate hike helping figures are correct then the Dow could be in for another tough day of trading.
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.
