Global macro overview for 20/07/2015:
While Greek prime minister Alexis Tsipras is scheduling the second parliamentary vote to secure the bailout agreement, Greek banks are finally open after being closed down for three weeks . The Greeks have now access to basic banking services, including check disposal and safe deposit box access. Nevertheless, a daily withdrawal limit is 60 euros ($ 65), but is should be replaced by a cumulative maximum of 420 euros withdrawal a week.
While German Chancellor Angela Merkel mentioned in her parliamentary speech that Germany ‘may consider’ debt relief for Greece, Finance Minister Wolfgang Schaeuble was ready to step aside from the negotiation talks if Merkel objected to his tactics. Amid the news, the EUR/USD pair is trading at the critical support of 1.0815. Any breakout lower and a daily close below the level of 1.0815 would suggest immediate test of the recent swing lows at the level of 1.0461.
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