Daily Market Analysis by FxGrow

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Daily Market Analysis – 08th June, 2015
By FxGrow Research & Analysis Team

Strong US Non-Farm Payrolls report boosts Fed Rate Hike in September

In US total nonfarm payroll employment increased by 280,000 in May, and the unemployment rate was essentially unchanged at 5.5 percent. Job gains occurred in professional and business services, leisure and hospitality, and health care. Mining employment continued to decline - US Bureau of Labor Statistics.

NFP report indicates that the US job market continues to improve solidly and the health of the US economy is more favorable than the weakness displayed in the Q1 GDP report.

US dollar remained strong across its major counterparts on Friday after the US jobs report boosted speculation of a Fed rate hike in September this year.

New York Fed president Dudley noted that "if the labour market continues to improve and inflation expectations remain well-anchored, then I would expect, in the absence of some dark cloud gathering over the growth outlook, to support a decision to begin normalizing monetary policy later this year".

Greece talks continue to dominate the markets as Greek PM Alexis Tsipras stated "the proposals from the creditors are clearly unrealistic...The Greek government cannot consent to unreasonable proposals that call for devastating measures for pensioners and Greek families. I want to believe that it was a bad negotiating trick".

Greek Finance Minister Yanis Varoufakis said "the government will not sign a deal that extends this self-feeding crisis of the last 5 years".

In Canada Net Change in Employment for the month of May was +58.9K Jobs while Unemployment Rate remained at 6.8%.

In Japan the economy grew at 3.9% in the first quarter of 2015 beating analyst expectations of a 2.7% growth.

In Germany Factory orders increased by 1.4% in April as German industry looks to experience a boost this year.

Crude Oil is trading higher at $59.02 after OPEC decided to keep its production target unchanged.

Gold is trading higher in the Europe at 1173.24 while Silver is flat at 16.10

08th June 2015 – 09:31hrs GMT

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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 09th June, 2015
By FxGrow Research & Analysis Team

Greece expects to get bailout extension until March 2016

Greece is in talks with its European creditors for an extension of the country's bailout program until March 2016.

Greece is running out of funds as talks continue over agreements between Greece and the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF).

The European Commission has received a new three page proposal from the Greek government to unlock the bailout funds and bridge the differences on critical issues such as the pension and VAT reforms.

Greek Prime Minister Alexis Tsipras said "that a Greek bankruptcy will be the beginning of the end for the Eurozone. If Europe’s political leadership is unable to handle a problem like Greece, which represents 2% of its economy, how will the markets react for countries with much bigger problems, such as Spain and Italy. If Greece goes under, the markets will immediately seek out the next one. If negotiations should collapse, the cost to European taxpayers will be huge”.

He further stated "I think we're very close to an agreement on the primary surplus for the next few years. There just needs to be a positive attitude on alternative proposals to cuts to pensions or the imposition of recessionary measures."

US President Barack Obama said after the end of the G7 summit meeting “We support the efforts to find a path that will allow Greece to implement the necessary reforms and return to growth, in a strong, stable and developing Eurozone”.

EURUSD has reversed its losses post NFP as the European and US bond yields have soared to their highest levels this year.

In Germany Exports and Industrial output rose for the month of April. Exports rose by 1.9% while the industrial production increased 0.9% in April.

"German exporters are increasingly capitalizing on the advantages of a weaker euro, as well as a global demand recovery" - Christian Schulz, economist at Berenberg.

In Australia Business confidence increased for the month of May as the Reserve Bank of Australia made operating conditions easier by cutting interest rates to a record low.

National Bank of Australia has revised its fiscal 2015 GDP forecast to 2.4% but lowered its fiscal 2016 GDP forecast to 2.6%.

Crude Oil is trading higher at $59.19 as weak US dollar boosted demand and pushed global prices higher.

Gold is trading higher in the Europe at 1181.34 while Silver is strong at 16.16

09th June 2015 – 09:25hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 10th June, 2015
By FxGrow Research & Analysis Team

Yen Soars on Bank of Japan comments

Bank of Japan Governor Haruhiko said today "The yen is unlikely to fall further on a real effective exchange rate basis because it is already very weak".

The US dollar touched a 2 week low against yen after the comments. USDJPY dropped 200 pips to touch a low of 122.56 in the European trading session.

"There is no asset bubble in Japan at this point. It's hard to conclude decisively that the dollar will continue to strengthen further just because the Fed has done tapering and eyeing raising interest rates" - Bank of Japan Governor Haruhiko Kuroda.

"If you look at the real effective exchange rate, it shows that the yen is already very weak. Even further declines on a real effective exchange rate basis are not likely to happen" - Bank of Japan Governor Haruhiko Kuroda.

Globally Bond yields are increasing as Australian 10-year bonds advanced to 3.05%, New Zealand rates rose to 3.92%, 10 year German bund rates rose to 0.95%, US 10 year 10-year Treasury note was at 2.417%, 10-year U.K. government bond yield increased to 2.119%.

“It’ll take some time for the bond market to recover its composure. The situation in Greece and moves surrounding the U.S. rate hike are still cause for concern” - Yutaka Miura, Mizuho Securities Tokyo.

“Last week we saw a stand-off between the EU authorities and Greece’s government. Volatility in the bond market has added to investor nervousness, not helped by Mario Draghi’s comments last week” - James Barty, BofA-Merrill Lynch.

Greek PM Alexis Tsipras is in Brussels to meet German Chancellor Angela Merkel and French President Francois Hollande with an aim to achieve a breakthrough in the negotiations and secure the much needed bailout funds for his country.

In US number of job openings has hit the highest level in April as conditions are improving in the US labour market. The US recorded 5.4 million job openings for the month of April.

In UK trade deficit shrank more than expected for the month of April. UK's trade deficit was at 1.2 billion pounds while imports increased by 2.1%.

"In UK although the near-term outlook for the external sector does not look fantastic, at least net trade this quarter looks unlikely to repeat the first quarter's big negative contribution to overall GDP growth" - Vicky Redwood, chief UK economist at Capital Economics.

Crude Oil rallied to reach a high of $61.41 after news that US stockpiles posted a larger than expected decline for last week.

Gold is trading higher in the Europe at 1184.89 while Silver recovers its losses at 16.13

10th June 2015 – 07:52hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 11th June, 2015
By FxGrow Research & Analysis Team

Reserve Bank of New Zealand cut its Cash rate to 3.25%

The Reserve Bank of New Zealand unexpectedly cut its official cash rate by 0.25% to 3.25% the first reduction since 2011.

"The New Zealand economy is growing at an annual rate around three percent, supported by low interest rates, high net migration and construction activity, and the decline in fuel prices. However, the fall in export commodity prices that began in mid-2014 is proving more pronounced. The weaker prospects for dairy prices and the recent rises in petrol prices will slow income and demand growth and increase the risk that the return of inflation to the mid-point would be delayed" - Reserve Bank of New Zealand.

"With the fall in commodity prices and the expected weakening in demand, the exchange rate has declined from its recent peak in April, but remains overvalued. A further significant downward adjustment is justified. In light of the forecast deterioration in the current account balance, such an exchange rate adjustment is needed to put New Zealand’s net external position on a more sustainable path" - Reserve Bank of New Zealand.

Following the rate cut NZDUSD plunged to a 5 year low of 0.7005 in the European trading session. The move by the RBNZ surprised traders as market was pricing less than 50% chances of a rate cut this morning.

Greek Prime Minister Alexis Tsipras had late night talks with the leaders of Germany and France to reach a solution and avoid default. Greece needs to repay €1.6bn to the IMF by the end of June.

"It was agreed unanimously that the talks between the Greek government and the institutions should be pursued with great intensity" - German government spokesman.
"We decided to intensify the efforts to bridge the remaining differences and proceed, I believe, to a solution in the coming period" - Greek PM Alexis Tsipras.

Ratings agency S&P has downgraded Greece by lowering its credit rating from CCC+ to CCC citing the delayed International Monetary Fund repayment.

In Japan Manufacturing activity deteriorated in the second quarter of the year as Business Survey Index plunged from 2.4 in the Q1 to -6.0 in the Q2.

"In Japan Core consumer spending fell to the lowest level since last summer in April, and industrial output may well have contracted this quarter. We therefore expect a sharp slowdown in GDP growth" - Marcel Thieliant, Capital Economics.

In UK Manufacturing output declined in April by 0.4% while total industrial production climbed 0.4% from the previous month.

"The British economy is on a firm footing, having grown faster than previously thought in 2014 and with solid, steady and sustainable growth predicted into 2016" - NIESR.

Crude Oil is down to $61.15 after profit taking in the European trading session.

Gold is trading lower in the Europe at 1179.63 while Silver is weak at 15.86

11th June 2015 – 10:14hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 12th June, 2015
By FxGrow Research & Analysis Team

IMF leaves Greece bailout talks amid major differences

The International Monetary Fund has walked out of talks with Greece amid major differences over labour market and pension reforms.

“The ball is very much in Greece’s court. There are major differences between us in most key areas. There has been no progress in narrowing these differences recently” - IMF spokesman Gerry Rice.

Donald Tusk, president of the European Council said "There is no more time for gambling. The day is coming. I'm afraid that someone says that the game is over. It is very obvious that we need decisions, not negotiations".

"Time is running out, and the risk of insolvency is increasing by the day. The main losers in that scenario would be Greece and the Greek people" - Jens Weidmann, president of the Bundesbank.

Greece government needs to strike a deal with its European creditors soon and secure the bailout funds. A deal must be signed by the Eurozone finance ministers before the end of the month. If there is no deal then Greece will be in trouble and could fall out of the Eurozone.

Despite major differences with the IMF Greece hopes to clinch a deal with its lenders at a meeting of Eurozone finance ministers on June 18.

"I hope a deal will come very soon, on June 18, when the Euro group takes place" - Flabouraris, aid to Greek Prime Minister Alexis Tsipras.

Greece's Unemployment Rate rose to 26.6% in the first quarter of the year as it continues to struggle with its long term unemployment problem.

In US Retail sales climbed for the month of May to 1.2% indicating that the economy has regained momentum after contracting in the first quarter.

In China Retail sales and Industrial output improved for the month of May. Total production from China grew at 6.1% YoY basis in May while retail sales soared 10.1% from a year earlier.

In Australia Unemployment rate fell to 6.0% in May the lowest level in 12 months. The number of people with jobs rose by 42K to 11.76 million in May, according to the Australian Bureau of Statistics.

Crude Oil is down to $60.30 because of a stronger dollar and amid uncertainty in Greece.

Gold is trading lower in the Europe at 1179.25 while Silver is weak at 15.91

12th June 2015 – 09:10hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 15th June, 2015
By FxGrow Research & Analysis Team

Fears of Greek Default Rise after talks break down

On Sunday night talks between Greek ministers and its European creditors collapsed after a new economic reform proposal submitted by Athens was deemed inadequate to continue negotiations.

Germany has given a clear warning that Greece could leave the Eurozone as officials were unable to reach out a last-minute deal in Brussels.

“The shadow of a Greek exit from the Eurozone is becoming increasingly perceptible. Greece’s game theorists are gambling the future of their country and Europe’s too” - German Vice Chancellor, Sigmar Gabriel.

Greece needs to repay €1.6bn to the IMF by June 30 or risk default, and a possible exit from the Euro. It also needs to repay €6.7bn when Greek bonds held by the European Central Bank fall due in July and August this year.

Greek default and exit from the Euro could trigger some huge moves in the markets and will have a damaging effect on countries that are part of the Eurozone.

"We want to help Greece and keep it in the euro. However, not just time is running out but also, everywhere in Europe, patience. All over Europe there is a growing sentiment: Enough!" - German Vice Chancellor, Sigmar Gabriel.

Greece is under pressure as it also needs another €1.5 billion to pay public sector wages and pensions and it cannot do so without the bailout funds.

The Greek government is blaming its European creditors and IMF who financed its 240 billion Euro bailout program in 2010, for sticking with demands that are economically senseless and politically unacceptable to the Greek citizens.

Manufacturing industry in the Euro zone rebounded by 0.1% in April lower than analyst expectations of a 0.4% gain. Largest contribution came in from Germany and France. A new report from the World Bank forecasts the Euro area's GDP to increase by 1.5% this year.

US Producer Prices rose to 0.5% in May indicating signs of an economic recovery as the world's biggest economy is getting back on track.

In Japan Industrial output rose by 1.2% in April while exports climbed to 0.6% supported by a weaker Yen.

"There's a large majority of bond investors who think the next move by the Bank of Japan is going to be more easing" - Morgan Stanley MUFG Securities Co.

Crude Oil is down to $59.51 on concerns over a global oversupply versus the demand.

Gold is trading lower in the Europe at 1174.30 while Silver is weak at 15.87

15th June 2015 – 10:11hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 16th June, 2015
By FxGrow Research & Analysis Team

RBA expects Australian Dollar to Drop Further

Reserve Bank of Australia released the minutes from its June monthly meeting. RBA stated "It was appropriate to leave the cash rate unchanged and to assess information on economic and financial conditions as it become available".

"A lower exchange rate would have an immediate beneficial effect on some sectors such as tourism. It would need to be lower for a sustained period to have a significant effect on large investment decisions in other trade-exposed sectors" - Reserve Bank of Australia.

“The board’s assessment was that the stance of monetary policy should be accommodative. Output growth had continued at a below-trend pace over the past year and would remain a little below trend in the period ahead before picking up to around trend in the latter part of 2016" - Reserve Bank of Australia.

"The current level of the exchange rate, particularly on a trade-weighted basis, continued to offer less assistance than would normally be expected in achieving balanced growth in the economy. A further depreciation therefore seemed both likely and necessary, particularly given the significant declines in commodity prices over the past year" - Reserve Bank of Australia.

AUDUSD is trading lower in the European trading session at 0.7728 following the release of the RBA minutes.

In Greece there is no visible progress in the bailout negotiations with its European partners. Risks of a Greek default and a possible exit from the Euro are running high.

If Greece is unable to reach a deal with its European creditors it could become bankrupt and leave the Eurozone. Major concern for Banks in Greece is that deposit outflows are gathering pace with another €400 million being withdrawn yesterday.

Failing to keep Greece in the Euro after years of negotiations and emergency bailouts of €240bn could mark a blow to the official currency of the 19 member nations.

In Germany Consumer Price Inflation rose to 0.1% last month according to a report released from the Federal Statistical Office.

Switzerland's Producer and Import prices declined 6% YoY basis in May according to the Federal Statistical Office. Swiss retail sales rebounded to a growth of 1.6% in April, after a fall of 2.4% in the previous month.

Crude Oil is down to $60.06 on concerns over global supplies.

Gold is trading steady in the Europe at 1182.64 while Silver is weak at 16.02

16th June 2015 – 09:46hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 17th June, 2015
By FxGrow Research & Analysis Team

Global Investors await FOMC rate decision

Globally investors are awaiting the outcome of the Federal Open Market Committee's two day meeting at 18:00hrs GMT which is expected to create high volatility in the markets.

Analysts expect that Federal Reserve policy makers will raise interest rates in September this year. Market is pricing in a 67% probability of the Fed hiking rates before its December policy meeting.

“We expect Fed Chairwoman Janet Yellen to make it clear that the first rate hike is not far off” - Ian Shepherdson, Pantheon Macroeconomics.

“They think the economy is doing fine, and the majority on the Fed now favors starting rate hikes soon and going slowly" - James Glassman, J.P. Morgan Chase.

The FOMC is unlikely to change policy in its June meeting, but the statement and comments by Fed Chairwoman Janet Yellen in the news conference will be very important.

“This market has been and still is a Fed-driven market and it is fan of clear guidance. If Janet Yellen hints whether the Fed will raise in September or December it would be ultimately good for the markets, even though the very short-term reaction will almost certainly be negative” - Michael Antonelli, R.W Baird & Co.

“The Fed has to start normalizing rates, but there is never a perfect time to do it. The market will adjust to the rate hike cycle if it accepts that the economy is growing and that the Fed will indeed be “gradual” as it moves towards higher rate” - Quincy Krosby, Prudential Financial.

Greece is running out of time to secure bailout funds and avoid a possible default. The Greek government must reach a deal with its European creditors soon or risk an exit from the Eurozone.

The probability of a Greek default is at 75% to 80% according to market strategists, with the chances that Greece will secure a last minute deal are at 50%.

In Germany Investor confidence declined for the month of June. The ZEW Economic Sentiment Index dropped to 31.5 amid concerns over the Greek debt default.

In UK Inflation turned positive for the month of May. UK inflation edged higher 0.2%, according to the Office for National Statistics.

In Japan trade deficit increased in May, while imports declined. Trade deficit was 216.0 billion yen in May, while Imports declined by 8.7% to 5.956 trillion yen.

In New Zealand current account deficit decreased to NZ$1.8 billion in the first quarter of 2015.

Crude Oil is trading higher at $61.11 mainly driven by the huge decline in US crude stockpile.

Gold is trading lower in the Europe at 1178.92 ahead of the FOMC statement, while Silver is weak at 15.97

17th June 2015 – 08:54hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 18th June, 2015
By FxGrow Research & Analysis Team

FOMC Minutes reflect a Dovish tone

The Federal Reserve on Wednesday kept its benchmark interest rate near zero, as it believes improving US economic growth is likely to warrant one or two interest rate increases before the end of the year.

"Information received since the Federal Open Market Committee met in April suggests that economic activity has been expanding moderately after having changed little during the first quarter" - FOMC.

"To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate" - FOMC.

"In determining how long to maintain this target range, the Committee will assess progress - both realized and expected - toward its objectives of maximum employment and 2 percent inflation" - FOMC.

Majority of Fed officials are willing to raise interest rates this year, according to a survey released by the central bank. Fed is on track to hike interest rates this year.

"We have to put in place a policy that is appropriate to evolving conditions in the U.S. economy but we can’t promise that there will not be volatility when we make a decision to raise rates" - Federal Reserve Chairwoman Janet Yellen.

"The timing of a first decision to raise rates is something that should not be overblown whether it is September or December or March, what matters is the entire path of rates, and as I have said the committee anticipates economic conditions that would call for a gradual evolution of the Fed funds rate towards normalization" - Federal Reserve Chairwoman Janet Yellen.

USD Dollar was weak against its major counterparts after the FOMC minutes signaled a gradual hike path with the EURUSD crossing 1.1350 yesterday and 1.1400 in the European trading session today.

Euro group is meeting in Luxembourg today and Greece has a last chance to secure a deal before the end of this month. Since Greek officials have refused to submit any new proposals hopes for a solution to the Greek debt deal are low.

Greek PM Alexis Tsipras is travelling to Russia to meet Vladimir Putin for some weekend talks.

"Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union" - The Bank of Greece.

Meanwhile Germany is making contingency plans for Greece to leave the euro as it believes that Greece and its creditors would reach agreement on the release of new bail-out funds.

In New Zealand economy slowed in the Q1 of 2015. The nation’s economy grew at 0.2% the lowest quarterly growth rate since 2 years. Following the news NZDUSD slipped to a 5 year low of 0.6881 in the European trading session today.

Crude Oil is trading lower at $61.06 mainly driven by a weak US Dollar as Fed left its benchmark interest rate unchanged.

Gold is trading higher in the Europe at 1196.44, while Silver is strong at 16.30

18th June 2015 – 09:01hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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Daily Market Analysis – 19th June, 2015
By FxGrow Research & Analysis Team

Eurozone Summit called after failure of Greece Bailout Talks

Euro zone leaders will hold an emergency summit on Monday to avoid a Greek default after finance ministers failed again to bridge the gap between Greece and its European creditors.

The emergency summit will be held in Brussels just eight days before the deadline ends of a Greek default.

IMF, members of Eurozone and European commission all want Greece to implement budget cuts, mainly through pensions and sales-tax increases, which are needed to restore the country’s long-term financial health.

“Those are measures that are not popular, they will not be easy to take and the big question is whether the Greek government is prepared to take them. And if they’re not prepared to do that, then they are taking a big, big risk on the future of Greece” - Jeroen Dijsselbloem, Head of Eurozone finance ministers.

Cash withdrawals from Greek Banks are increasing with almost 2 billion Euros pulled out between Monday and Wednesday after the weekend talks in Brussels failed. Though the Greek government has denied imposing any Capital controls as of now, Greek Central Bank has warned of economic catastrophe if Greece defaults and leaves the Eurozone.

“Greece will be in default, it will be in arrears vis-a-vis the IMF on July 1, but I hope it is not the case, I really do. There is no grace period or two-month delay, as I have seen here and there" - Christine Lagarde, IMF.

"Germany's efforts are directed to Greece remaining in the Eurozone. Where there's a will, there's a way - if the political leaders in Greece show this will an agreement is still possible” - German Chancellor Angela Merkel.

The options that Greece will have whether it is able to reach a deal in the Eurozone summit on Monday or not are:

- No Deal is reached, Greece will default on its payments to the IMF and ECB, and ECB will pull plugs on emergency bank assistance leading to run on Greek banks, capital controls and potential Grexit.

- Deal is reached as Greece agrees to the reforms and is able to secure the bailout funds and stays in the Euro.

- No Deal is reached and Greece still remains in the Euro.

Greek PM is meeting Russian President Vladimir Putin over the weekend. Russian deputy Finance minister has told that there has been no request for money from Greece, and Russia had no resources for such a bailout.

"The Eurozone summit on Monday is a positive development on the road toward a deal. There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro" - Greek Prime Minister.

The Swiss National Bank keeps its monetary policy of negative interest rates intact in anticipation that negative interest rates will dampen the value of the Swiss Franc over time.

“Negative interest rates in Switzerland make holding investments in Swiss francs less attractive and will help to weaken the Swiss franc over time" - Thomas Jordan, Swiss National Bank Chairman.

UK Retail Sales rose for the month of May to 0.2% while analyst’s expectations were of a 0.1% decline.

Crude Oil is trading higher at $60.27 after data showed US Crude stockpiles on the decline.

Gold is trading higher in the Europe at 1200.40, while Silver is flat 16.14

19th June 2015 – 09:16hrs GMT

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.