| Last Saturday, finance ministers from the Eurozone met to complete the quarterly transfer of loan funds to Greece. The IMF will hold a similar meeting later this week (most likely on Friday). For the most part, this was not a surprise, since we did see the Greek parliament successfully pass its austerity vote last week but the Euro and equities have remained supported so far this week. The end of last week saw the S & P 500 close 1.44% higher on Friday, following the daily close in the Nikkei 225 above the key psychological 10000 level (the first time this has happened in two months). In addition to the positives seen in the Greek story, there were also strong expectations for June’s US ISM data, which rose to 55.3 (against expectations of 52.0). The EUR/USD is currently seen at 1.4510-1.4580 while the USD/JPY is ranging at 80.70-80.90. Today will see no major US macro data today, as the markets are closed for the Independence Day holiday. During the meeting between Eurozone finance ministers decided not to design a new Greek aid plan for the long term. Most expect this to take shape at some point, and will take precedence the initial agreement from May 2010. The role of the private sector continues to be a point of contention, and markets will remain attentive to any news relating to this aspect of the agreement. There is a high probability that there will be headlines explaining greater detail in the next few weeks. The Greek Finance Minister (Venizelos) made statements, describing the length of time that will be required to reach a decision, and gave the middle of September as a current target. The German Finance Minister (Schaeuble) announced that … Read the original post here along with explanation about ig index |