Market News

The vote is in and the Nays have won. Greece went to the polls Sunday and overwhelmingly rejected any terms of a rescue package from its creditors.

Official results from today’s voting in the Greek Euro bailout referendum have just been released, very strongly indicating that the final result will be a fairly comfortably win for the “NO” camp.

This should be a more dramatic week for the Forex markets, due mainly to the Greek referendum on the proposed bailout deal that is taking place today. As the result becomes known it could rock the Euro and spill over into turbulence in other financial markets.

Today’s referendum in Greece could have repercussions across the globe. Or it might prove to be a tempest in a tea pot.

Good news may be in store at the pump before the July 4th weekend as oil prices dropped on Friday amid reports that an oversupply of the crude remains on U.S. oil rigs.

A surprise rate cut by Riksbank sent the Swedish Krona nearly 1% lower against its key rival, the common currency Euro.

Tomorrow, Friday, 3rd July, is a major public holiday in the U.S.A. This year, the 4th of July is effectively the 3rd of July, 2015. Find out how this affects Forex trading and when the markets will be closed here.

Now that Greece has missed a repayment worth about 1.5 billion euros ($1.7 billion) that was due on Tuesday to the International Monetary Fund (IMF), all eyes are focused on the future of the euro and its impact in the international arena.

In the wake of Greece’s default on a loan from the IMF, the common currency Euro has remained under broad sell pressure. Though investors were hopeful for a distraction, the latest economic releases failed to provide any material support.

The results of the first opinion poll of Greek voters conducted since the weekend’s dramatic events was released this morning by the Efimerida ton Syntakton newspaper. The survey showed 54% voting “NO” and 33% voting “YES” with the remainder presumably undecided.

With d(default)-day right around the corner, Prime Minister Alex Tsipris believes he hasn’t lost the battle just yet. In a television interview several hours ago, Tsipris suggested that European leaders would not have the nerve to kick his country out of the eurozone membership and that the cost of their doing so would be “enormous.”

We all expected it and it has happened. Greek banks will be keeping their doors shut on Monday for an entire week. Piraeus Bank SA Chief Executive Officer Anthimos Thomopoulos told reporters of his decision Sunday after a meeting of the government’s financial-stability committee.

The Greek financial crisis had taken a sharp turn for the worse this weekend, leading to fears of an imminent collapse in Greek liquidity, a run on the Greek banking system, a sharp fall in the Euro, and the possible eventual exit of Greece from the common currency.

This can be expected to be a dramatic week for the Forex market due almost entirely to the Euro situation. The Greek crisis seems to have reached a tipping point now, with evidence that a run on Greek banks has already started with some AMTs running dry and strong rumors that certain banks are not going to be able to open on Monday.

Alexis Tsipras turned to his Parliament last night in order to get approval for his latest bailout conditions. He was rewarded with a near unanimous authorization to hold a July 5th referendum that would reject or accept the latest stipulations offered by creditors in order to release billions of euros in bailout funds and keep Greece in the eurozone.