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EUROZONE STOCKS & EURO SURGE ON GREEK DEAL

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EUROZONE STOCKS & EURO SURGE ON GREEK DEAL

May 28 2015, 07.50am GMT

STOCK.com

According to reports, Greece and the IMF are on the verge of reaching a deal on the country’s debt repayment of $1.6 billion which is scheduled for the 5th of June.

As a result of this recent announcement, on Wednesday, increased activity was seen in the Greek and European markets.

This was prompted by a report from Bloomberg which stated that Greece and the International Monetary Fund (IMF) were drafting an agreement.

In reaction to this report, the euro (EUR), Greek bonds as well as European stocks all recorded positive movements during the trading session in North America.

These gains were then pushed higher after Alexis Tsipras, the Greek Prime minister, told local reporters that the Hellenic Republic is finally in the last stages of making a deal with its creditors.

Interestingly, despite Tsipras comments, officials from the European Union went on to deny the Prime Minister’s claim saying that there was no ‘imminent deal’. Despite the EU’s denials, this had little effect on the upward momentum exhibited in the markets.

Meanwhile, the euro (EURUSD, +o.3577%) slightly recovered from the session low of $1.0815 to trade slightly at below $1.09.

Elsewhere, Stoxx Europe 600 (SXXP, +1.31%) held close to its session highs while the 10 year Greek bond yield declined 63.5 basis points during the session to reach 11.28 percent.

MT4 Chart: EUR-USD

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