Daily Report: Sentiments Reversed on Greek Austerity Deal, Euro Rebounded
Risk sentiments staged a drastic turn overnight while Euro rebounded strongly on news that Greece agreed with a team of EU/IMF on the new five-year austerity plan for securing the bailout fund. The measures, which will complete a EUR 78b austerity package, will now faces a parliamentary vote next week on June. EU finance ministers would then approve on July 3 the next payment of the bailout. That should help Greece cover around EUR 4b of maturing debts between July 14 and 22 and another EUR 3b of coupon payments within the month. Then on August, Greece will need to redeem EUR 6.6b of bonds. Greek Prime Ministers Papandreou pledged that there will be a "strong commitment" from Greece. DOW reversed earlier losses to 11874 and closed just -59pts lower, at 12050. Asian equities followed and were broadly higher. Euro managed to rebound strongly against dollar and swissy too.
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GBP/USD Daily Outlook
Daily Pivots: (S1) 1.5936; (P) 1.6005; (R1) 1.6072; More.
Intraday bias in GBP/USD remains on the downside with 1.6067 minor resistance and further decline is still expected. Decisive break of 1.5935 support will have medium term bearish implication and should target 100% projection of 1.6746 to 1.6058 from 1.6546 at 1.5858 first. On the upside, above 1.6067 minor resistance will turn bias neutral and bring consolidations. But near term outlook will remain bearish as long as 1.6262 resistance holds.
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