According to David Riley, Managing Director of Sovereign Ratings at Fitch, the end of the year may become a hard time for several eurozone countries. He warns about possible rating cuts if those eurozone countries fail to show progress.
If July’s agreements start being implemented, there will be progress in resolving the eurozone debt crisis. The ECB will provide substantial loans to those eurozone economies that will practice austerity. This will create more favorable conditions for coming out of the crisis.
Forex.
According to , the Euro is currently strengthening against the US Dollar. The experts report that EURUSD is forming wave a big-scale upswing represented by wave А/В of level Weekly.
A further rally will probably encounter resistance around 1.2538, 1.2593/97. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.2255 (as shown below).
