IMFs red pen

25 June, 2015

Risk assets had their shine taken off them after investors were given a stark reminder that a deal is yet to be done and Greece’s proposals from last Sunday are subject to considerable scrutiny. The IMF had the red pen out yesterday as it made its amends to much of the pension reforms put forward and the knock back has led to further strong language from the Greek prime minister, a reaction that is unlikely to improve relations with the country’s creditors and a risky stance to take at such a critical stage of negotiations. The single currency however is still holding its ground after a sell off yesterday saw it dip back below the 1.1200 level and this morning it is trading at 1.1190. All eyes will remain on Europe as time runs out ahead of next Tuesday’s payment deadline to the IMF, which without an agreement that is ratified by the Greek parliament would see the country renege on the €1.6 billion owed.

Today sees more US data which could move the dollar with the usual weekly jobless numbers and at the same time personal income and spending data, a key measure watched by the Fed, with both expected to increase from last month. There’s also the Market services PMI which is not such a major market mover, but is expected to rise as well from 56.2 to 56.7.


Source link  
No Surprises as Fed Raises Rates

The Federal Reserve, as expected, raised its benchmark interest rate by a quarter of a percentage point, to a range of 1.25% to 1.5%. The latest hike...

CB meetings dominate the week

With no impactful economic data releases on the calendar today, the markets are focusing on a plethora of Central Bank meetings scheduled...

No Surprises from BoC & ADP

In an unsurprising move, the Bank of Canada decided to hold its benchmark lending rate at 1%, after two small hikes earlier in 2017. The BoC stated...


Moderate Gains for USD

On Monday, the US Commerce Department released Factory Orders data for October, indicating that the continued strength in the Manufacturing...

OPEC Extends Output Cuts

On Thursday, OPEC (Organization of Petroleum Exporters) and non-OPEC producers led by Russia agreed to keep output cuts until the end of 2018...

US Economy Expands Faster Than Predicted

Data released on Wednesday showed that the US economy expanded at its quickest pace since 2014 in Q3. The US Commerce Department said that...


Political Turmoil in Germany Hurts EUR

The EUR lost ground against many of its peers on Monday on news that Chancellor Angel Merkel’s efforts to form a coalition government had collapsed...

USD Suffers on Subpoena News

The Trump Administration is back in the spotlight with news of a report that Special counsel Robert Mueller’s investigators have issued a subpoena...

Positive data negated by tax plan opposition

The US Labor Department released data on Wednesday showing the consumer price index edged up by 0.1% in October after climbing by 0.5%...

  


Share: