Trades in Europe opened going in different directions. At the start of trading, the euro/dollar was down to 1.1094 and the pound/dollar had risen to 1.5732. After a publication in the Financial Times about how Alexis Tsipras is ready to accept the creditors conditions, the euro/dollar pair returned to 1.1170.
Nobody bothered with the details of it. If after prolonged negotiations the Greek prime minister agrees with the creditors’ conditions, this means buy euro. Solid logic and the principal reaction to the article. But still, what about the referendum which is still on the cards?
The euro/dollar was at 1.1170 for a little while. By 14:44 EET the euro was trading at 1.1104. Some are still heading for the hills from yesterday’s news whilst the media is churning out fresh news on Greece by the minute. There’s only one aim of this: to get the market rocking.
Traders have ignored the strong PMI data from Italy, France and Germany:
The Italian index for business activity in the manufacturing sector fell from 54.8 to 54.1 (forecasted: 54.4).
The French index for business activity in the manufacturing sector grew from 49.4 to 50.7 (forecasted: 50.5).
The Germany index for business activity in the manufacturing sector grew from 51.1 to 51.9 (forecasted: 51.9).
The Eurozone index for business activity in the manufacturing sector was unchanged at 52.5 (forecasted: 52.5).
As for the British pound, a fall on the currency renewed after M. Carney gave a speech and a weak PMI. Manufacturing growth in the UK unexpectedly slowed in June. The index for business activity in the manufacturing sector in the UK fell from 51.9 (reassessed from 52.0) to 51.4 (forecasted: 52.5)
Now everyone is waiting for the American data on employment values from the ADP to come out, as well as the ISM business activity index from the ISM about the manufacturing sector. Strong data before the payrolls will lend a hand to the dollar. Weak data will see the market correct itself or go into a sideways trend until Thursday.
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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
Director of Alpari's analytical department
## ojimadu position
Senior Alpari analyst
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