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Fundamental Analysis
Daily Market Analysis by FxGrow
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[QUOTE="FxGrow Support, post: 87962, member: 34135"] [B][SIZE="4"]Daily Market Analysis – 12th Aug, 2015[/SIZE][/B] [I]By FxGrow Research & Analysis Team[/I] [B][SIZE="5"]Euro hits 2-week high after Greece reached third bailout deal with creditors[/SIZE][/B] [IMG]http://i1148.photobucket.com/albums/o568/onestore40/euro1_zpsdtpth5hu.png[/IMG] Greece and its international lenders reached an 85 billion euro bailout agreement on Tuesday after nailing down the terms of new loans needed to save the country from financial ruin - Reuters. European Commission spokeswoman said that a technical deal has been reached between Greece, the International Monetary Fund, the European Central Bank, and the European Stability Mechanism. The deal, which came after 23 hours of talks that continued through the night, must still be adopted by Greece's parliament and by euro zone countries - Reuters. Following the news EURUSD reached a 2 week high of 1.1115 and is currently trading at 1.1142 in the European trading session. “The crucial nature of the situation requires the immediate convening of parliament to proceed with the deal’s approval and allow disbursement of the first installment” - Greek PM Alexis Tsipras. The Greek government has submitted a Draft bill in the Parliament today which contains an agreement with its European creditors for securing the third bailout funds. They are expected to pass the bill on Thursday with Euro group meeting scheduled on Friday. According to the agreement, Greece will have to produce a primary budget deficit of 0.25 percent of GDP in 2015, followed by surpluses of 0.5 percent in 2016, 1.75 percent in 2017, and 3.5 percent in 2018. "After this deal the prime minister should call for elections, so that the Greek people can vote on whether they approve the programme or want something else" - Greek Health Minister. Global investors are awaiting the Germany’s IFO survey, which is likely to indicate Europe’s largest economy is on track to post a reasonable pace of growth. Gold rose more than one per cent on Tuesday as the dollar cut gains and European stocks fell and investors assessed the impact of China’s move to devalue its currency and prop up its economy. “Gold’s best moment this year came in the first few months when we saw various FX swings, lots of different central banks cutting interest rates or intervening in their monetary policy, so probably there is some element of that which has helped the rally from Monday continue a bit. Probably gold is benefiting from fears that this is a new round of currency war" - Matthew Turner, analyst at Macquarie. Consumer confidence in Australia rose for the month of August by 7.8% to 99.5 points according to the Westpac-Melbourne Institute. "Movements of the Index of this magnitude are unusual and generally associated with highly significant events such as interest rate moves or Commonwealth Budgets" - Bill Evans, Westpac chief economist. Crude oil is trading lower at $43.45 due to a rapid decline in the value of Yuan. Gold is trading higher in the Europe at 1116.20, while Silver is up at 15.31 [B][I][SIZE="1"]12th Aug 2015 – 11:42hrs 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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