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Improvement in Greek situation has clearly provided the boost in sentiment, especially on the business side.
- Greece and the creditors have reached an initial agreement, which led to disbursement of € 7.16 billion, with which Greece was able to clear the dues of ECB, IMF and Bank of Greece.
- However, sentiment might once again change course if the final agreement remains elusive or face hurdles.
- Greece is required to repay loans of European central Bank (ECB) €3.2 billion on July 20th.
Today's economic survey showed that sentiment across Euro zone rose but consumer confidence lagging.
- Euro zone business climate rose to 0.39 in July much higher from 0.14 prior and 0.15 expected.
- Industrial confidence rose to -2.9 from -3.4 prior. Economic sentiment improved to 104 from 103.5 prior.
- Services sentiment grew substantially to 8.9 compared to 7.9 prior and much higher than expected at 8.
- Consumer confidence dropped to -7.1 from prior-5.6 in June
Improved sentiment would benefit European assets including Euro once the focus shifts from FED policy.
Euro is currently trading at 1.097 against dollar.
