We heard a “no” from the Greek people about accepting the bailout’s reforms, and we viewed a depraved ISM Non-Manufacturing PMI report in the US today.
After a rough week, full of rumors and speculation, 61% of Greece voted against accepting a bailout with strict economic reforms. Officials in the Eurozone already said that there is no chance of making a new “lighter” reform plan.
Greece is now facing a 2 major concerns:
1- Greece requested additional emergency liquidity, which is essential for maintaining the banking system in Greece. Greek banks are simply running out of money!
2- Second is exit from the Eurozone.
The EUR/USD pair opened Monday morning with a gap down as a result of recent news, but there is no drastic movement yet; the price is still moving between 1.10$ to 1.11$.
ISM Non-Manufacturing PMI in the US, which was expected to be positive, rose to 56 points, less than the forecast 56.5. The US dollar weakened after the report.
In the meantime, we are still on a downtrend according to the daily chart.