FX.co ★ Fundamental Analysis, July 01, 2011

Yesterday the stock continued to receive parliamentary approval of the fiscal adjustment program in Greece with great optimism. The market, which reacted with strong gains on Wednesday to vote in favor of the austerity plan, reaffirmed rises in the day yesterday after the Greek parliament gave the green light to the immediate implementation of measures to reduce public expenditure demanded by the FMI and UEM.


After a session marked by a visceral optimism after Greece has so far avoided bankruptcy, the market should come today marked by profit taking. Rises in the last two days and clearly reflect the expectation that the Eurogroup decided affirmatively about the granting of 12,000. € financial aid to Greece.

Therefore, we believe that the negotiation on the stock can be bearish, once the market leaves the euphoria of this week and assume that Greece has passed a test and has won part time, but by no means solved their problems structural or reduced their high debts.

In the USA today publish the ISM manufacturing data, in addition, publicly available, including the data of U.S. consumer sentiment from the University of Michigan, construction spending.

This day will see how the market is taken as important data in the U.S. could be the last hurdle for the bulls.