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Fundamental Analysis
Daily Market Analysis by FxGrow
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[QUOTE="FxGrow Support, post: 86012, member: 34135"] [B][SIZE="4"]Daily Market Analysis – 07th July, 2015[/SIZE][/B] [I]By FxGrow Research & Analysis Team[/I] [B][SIZE="5"]Greek debt crisis: Eurozone struggles to find solution[/SIZE][/B] [IMG]http://i1148.photobucket.com/albums/o568/onestore40/Greek55_zpsd5eq3dhh.png[/IMG] Eurozone leaders are meeting for an emergency summit in Brussels today to find a solution to the Greek debt crisis after Greece’s landslide rejection of bailout proposals. They are awaiting a new proposal from Greece after its Finance Minister Yanis Varoufakis announced his resignation. “The prospects of a happy resolution of this crisis are rapidly diminishing. If there is no signal from these meetings that Greece and the Eurozone are ready to get around the table again, we can expect the financial situation in Greece to deteriorate rapidly" - George Osborne, British chancellor. “Greece is a member of the euro. It is up to Greece and its government to act so that this can remain the case. It depends now on what proposals the Greek government puts on the table" - spokesman of Angela Merkel, the German chancellor. Global leaders have expressed concerns about the ongoing Greek debt crisis and are looking for an amicable solution. "It is now up to the government of Alexis Tsipras to make serious, credible proposals so that this willingness to stay in the Eurozone can translate into a lasting programme. Time is running out and there is urgency for Greece and the Eurozone" - French President Francois Hollande. "Washington looked forward to Athens and other parties resuming conversations toward resolving the Greek situation. Such an outcome will allow Greece to make difficult but necessary fiscal and structural reforms, return to growth, and achieve debt sustainability within the Euro zone" - Jack Lew, US Treasury Secretary. "I understand why the Greek people are venting their frustration. Fiscal consolidation is not making progress. They are in deflation. The world expects Greece and the EU to cooperate on a final bailout plan" - Akira Amari, Japan's Economics minister. Greek Banks will run out of cash by next week as large parts of the Greek economy are hit by the imposed capital controls and closure of Banks. Greek government is also running out of cash to pay public service wages and pensions to its citizens. The country is just days away from deciding whether to leave the Eurozone, if there is no financial support from the European Central Bank. In UK Manufacturing production dropped 0.6 percent for the month of May, while Industrial production rose by 0.4 percent. The Reserve Bank of Australia kept its Official Cash Rate unchanged at 2.00%. "In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending." - Reserve Bank of Australia. US Non-Manufacturing PMI came in at 56 for the month of June according to the Institute for Supply Management. Canada's Purchasing activity rose for the month of June as Ivey PMI came in at 55.9. "On the other hand, domestic demand is strengthening in regions that are less exposed to the energy sector" - Bank of Canada. Crude oil plunged to $53.13 on concerns of Greek exit and persistent oversupply in the market. Gold is trading lower in the Europe at 1166.39, while Silver is weak at 15.64 [B][I][SIZE="1"]07th July 2015 – 09:43hrs GMT[/SIZE][/I][/B] [I][SIZE="1"][B]Note:[/B] This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/SIZE][/I] [/QUOTE]
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