Coordinated Action could be Announced Before Markets Open
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Coordinated Action could be Announced Before Markets Open

Central banks around the globe might release a joint statement before markets open, speculates Morgan Stanley. They could declare readiness to act to stabilize markets.

Update 3: Final results – Pro bailout camp wins.  Read the results, coalition prospects, analysis, and market reaction  (which was short lived).

Update 2:  Final exit polls point to a  victory for New Democracy, but it’s still too close to call.

Update:  Initial official exit polls show a technical tie between SYRIZA and New Democracy. With votes from younger voters missing,  this could be encouraging for SYRIZA.

ECB president Mario Draghi already hinted that the bank stands ready to support solvent banks. The European Central Bank is scheduled to hold a regular board meeting on June 20-21 and isn’t planned to release any announcement. However, extreme conditions might make it move publicly, and perhaps earlier.

Jean-Claude Juncker, the head of the Eurogroup, said that he and other officials will follow the Greek elections very closely. Exit polls are expected at 16:00 GMT, and significant official results will likely be available from 18:30 GMT.

A victory by anti-bailout SYRIZA will weigh heavily on stock markets and the euro, but it could also trigger central bankers and leaders to act – something that will totally change market reaction.

See how to trade the Greek elections

Also in the US, the FOMC meets on June 19-20 with a planned statement and an accompanying  press conference planned on Wednesday. World leaders meet for a three day G-20 summit in Los Cabos Mexico, beginning Monday, June 18th.

The elections are proceeding well so far, but there was one incident: motorists threw grenades at the  Kathimerini-Skai building – a major news outlet in Greece. The grenades didn’t explode, and they are being removed by bomb experts.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.