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The eurozone is in the news for a different reason, and the ECB interest rate decision and press conference will take away the attention from Greece, and dealers will be glad for the distraction. An update on the ECB’s QE scheme and growth outlook for the region is what traders are looking for. Sentiment in the eurozone is ever so slightly on the rise, and there are early signs that the stimulus is working, but it will need to be sustainable growth before traders truly buy into it.
As much as traders would like to forgot about Greece they can’t, and as the Friday repayment date draws nearer the pressure will quickly return. The Greek government will be offered a period of grace if it misses the payment to the IMF at the end of the week, and this has removed the crisis element from this round of talks. While Athens is being offered get out of jail free cards by its creditors it will draw out the process for longer than necessary.
We are expecting the Dow Jones to open 30 points higher, at 18,041, as a growing sense of optimism surrounds Greece. Athens and its creditors are yet to reach a deal, but the feel good factor is on the rise. The dovish comments from Lael Brainard that the conditions are not right for an interest rate hike this month have kept the bulls onside. As we approach the APD jobs report today, traders are not afraid that a strong set of number will suddenly suggest a rate rise is required.