Greek referendum, impact at EUR 4-Jul-2015

Back to 1 year ago, Jul-2014, EURGBP was 0.790 - 0.800. It is now 0.713 significantly down more than 10%. It is mainly because of intermittent quantitative easing by ECB and Greek election on Jan-2015 which resulted SYRIZA's win.

Greek referendum, Yes or No?
Greek people are voting for whether they accept the proposal from the creditors, European Commission, ECB and IMF.
The poll indicates "Yes" is slightly supported than "No". We won't have no idea of the result most likely. Leading party, SYRIZA, has basically support "No", particularly Greek finance minister Yanis Varoufakis.

Ref.
Greek referendum poll shows 'Yes' 41.7 percent, 'No' 41.1 percent
TV poll puts 'Yes' vote marginally ahead before Greek referendum
Greece debt: Varoufakis accuses creditors of 'terrorism'


What about EUR?
Some sources say result of the referendum will not change the situation as bail out program has been terminated on the end of last month, but it still may affect to FX market against EUR.
"Yes" means Greece will accept the proposal from the creditors. If it is agreeable for both sides, Grexit and its default are unlikely to happen soon.
If the result is "No", the worst scenario is Greece being default before or after Grexit. No matter which Greece exit from Eurozone, the related debt is default, which was denominated in EUR. It implies credit of EUR currency will be deteriorated, and it leads to EUR become weaken against other currencies.

Ref.
What might happen if Greeks vote ‘yes’ — or ‘no’ — on Sunday
Greece Referendum: What Happens If They Vote ‘No’


By the way, the trend & momentum on QROSSX.com indicates unclear signal whether EUR is go up or down...


Check international business news on Newsensus. Available on GooglePlay