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The Euro found support. Overview for 22.06.2018

22 june 2018 - Fx4News

The main currency pair continues recovering on Friday; global risks are temporarily getting weaker.

On Friday morning, the Euro is trading upwards against the USD. The current quote for the instrument is 1.1650.

While global risks related to trade wars are weakening, traded currencies have an opportunity to recover after falling earlier. The profitability of American bonds are falling a little bit today, thus making the USD lose support and helping other currencies to rebound.

While investors were too busy dealing with external events and news, they almost forgot about one issue that might be quite interesting and important for EURUSD and the long-term economic outlook for the Euro Area. The European Group transferred the final tranche of 24 billion EUR to Greece and completed the aid program. This money should be enough for Greece for the next 2 years, during which the country will have to finish its transition period. After that, The Greek economy, which was on the verge of survival for many years, will have to handle things by itself.

Over the last six years, Greece was some kind of “stone around the neck”. The Euro Area couldn’t afford to get rid of it, because it could really indicate the Eurozone collapse. However, they couldn’t ignore the problem as well. That’s why the European Group along with the International Monetary Fund provided Greece with money the country didn’t have to “stay afloat”.

The fact that the Greece is no longer a significant problem for the Euro Area is surely positive for the Euro.

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