Littlefish FX | Jul 05, 2015 01:06AM ET
The Week That Was…
All eyes were on Greece this week with a will they won’t they back and forth on the proposed debt deals. Tuesday came and went and Greece officially went into default on the IMF repayments. Frankly it seemed of little surprise to many market participants.
We end the week with a Greek referendum on Sunday to vote yes to proposals put forward by creditors but we expect another choppy next week on continued debates regardless of what the actual referendum vote is. The reality of the situation in Greece now is that a solution is likely to drag on and any interim fixes will most likely need to be revisited in the short term. This could result in a pretty nasty July for choppy, fragile and headline chasing markets.
Elsewhere in the markets we saw relatively choppy price action as the markets attempted to adjust for whatever headlines occurred out of Greece.
Monday saw a gap lower which then set the range for the week as currencies mainly then corrected that initial gap. In fact for most Currency Trading Firms 29th of June (Monday) now ranks as one of the worst ever trading days in recent history, even compared to the financial crisis. Therefore if like us you did ok this week, you are doing something reasonably well, however be warned of more again next week.
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