FX.co ★ Fundamental Analysis, July19, 2011

In Europe on Friday released the results of stress testing of banks, which failed to convince skeptics that there was a proper accounting. In the United States were published Consumer Sentiment figures, which were negative. It also unveiled the Empire State Manufacturing Index, with a negative reading.

In summary, the stress test presented by the European Union did not consider the possibility of a sovereign debt default and not even considered the possibility of a turn or a reversal of the Greek debt. Meanwhile, economic data were released in North America again disappoint investors.

Today will be announced no significant economic news, but tomorrow is scheduled the release of U.S. housing data.

For this week is scheduled to hold a summit in North America and there are few signs that indicate possible improvements or solutions to the situation of the Greek debt. Both France and Germany plan to offer an agreement to renew the debt, given that private institutions rejected proposals to extend the period of time for Greece to meet its obligations.

Moreover, the United States failed to reach an agreement to increase its debt limit and only two weeks left to do. Wall Street played fairly mediocre last Friday, with only slight gains, and the overall tone of the stock market still appears quite restless.