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Tuesday, 23 May 16:30 (GMT -05:00)



Foreign exchange market

Euro: Greece Still Cannot Do Without External Financial Support


The other day, Managing Director of the IMF Christine Lagarde made a report in Brussels. The key issues she touched upon included the prospects of the global economy and related things.
 

To be more specific, she says that the overall prospects of the global economic growth have improved but the uncertainty related to politics is still carrying some risk for the growth.

 

According to the research conducted by the International Monetary Fund, the global economy is expected to grow by 3,4% in 2017 as opposed to 3,15 seen in 2016.
 

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As for the factors contributing to this growth, Lagarde says this may become possible thanks to higher manufacturing activity as well as the benefits related to higher commodity prices for low-income countries.
 

 

The good news is, after 6 years of inconsistent growth with ups and downs, the global economy is finally starting to get stronger in terms of its pace of growth.  The thing is, the cycle seems to be promising more jobs, higher income, and prosperity in the near future.
 
At the same time, the Managing Director thinks that Greece has chosen the right track to success. First of all, this is all about the reforms the Greek government has been trying to implement so far. Still, she says that while there seems to be some progress in this field, a 3rd tranche form the trinity of lenders (including the IMF) isn’t something the IMF is ready to discuss yet.
 
In case you don’t know, Greece is reported to be busy distributing the funds allocated by the European Stabilization Mechanism. This is 86 billion euros, to be more exact. Germany always insisted on the IMF participating in the 3rd tranche since the IMF thinks that restructuring the Greek debt by the international lenders is a must for getting more financial support from the IMF in order to ensure the long-term financial stability of Greece.
 
In the meantime, the SRP (AO_Zotik and WPR_VSmark) Department of Masterforex-V Academy reports that EURUSD is currently indicating an increase in the wave level of the current price movement represented by a retracement inside a bearish ABC momentum of level H4. If the main line breaks the О_Zotik support/resistance line, the price will likely build wave C, with new targets around 1.0470 and 1.0341, the experts say.

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Euro. New Optimism

The 2017 GDP forecast for the European Union is reported to have been increased by the Euro Commission from 1,6% up to 1,7%. This means that the economic growth in 28 EU countries, according to the general estimate, is likely to reach 1,9%. The Euro Commission has reported about economic growth for the 5th year in a row. They expect the tendency to remain this and next year as well. The unemployment rate is expected to shrink all the way down to 9,4% this year.

 

 
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