Daily Market Review 7 of June
OVERVIEW

Analysts worldwide mark that in the near future investors, who has recently aggressively got rid of the Euro, will be more favorable to it. There are three main factors that are important to restore trust of the market participants in EU. First of all it is crucial whether officials will be able to agree on some particular measures on the EU summit at June 28-29. It’s assumed that it is possible. Secondly, Greece will probably remain a part of the Euro zone. And Spain eventually will ask for the aid of the EU and the IMF.  Thirdly, all that might help to calm the investors, who are concerned about the potential collapse of the Euro zone, and might help to support the Euro recovery. Nevertheless the perspectives of the Euro are not so positive taking to account the contrast between the economic situation in Europe and the United states.

CURRENCIES

EUR/USD

Yesterday the Euro appreciated against the US Dollar from 1.2400 to 1.2585. The pair is moving towards the correction goal of 1.2660. The European officials are allegedly devising the rescue plan for Spain. Among the investors there’s a speculation about another probable stage of easing of the US monetary poicly. Against the background of all these factors the Euro will most probably continue the process of correction. There are two more goals left: 1.2780 and 1.2905.



GBP/USD

Yesterday the Pound grew against the US Dollar from 1.5371 to 1.5515. The further reduction of short positions in risky assets might support the restoration of the Pound according to an assumption of  a lot of analysts worldwide. The Pound is approaching the first correction goal of 1.5660. If  the process of correction continues after reaching this level the next goals will probably  be 1.5780 and 1.5910.