Global Markets:
- Asian stock markets: Nikkei up 1.20 %, Shanghai Composite gained 1.60 %, Hang Seng declined 0.30 %, ASX lost 0.65 %
- Commodities: Gold at $1154 (-0.10 %), Silver at $15.37 (-0.55 %), WTI Oil at $51.50 (-1.30 %), Brent Oil at $57.60 (-1.20 %)
- Rates: US 10 year yield at 2.44, UK 10 year yield at 2.10, German 10 year yield at 0.85
News & Data:
- Australia NAB Business Confidence 10.0, Previous: 7.0
- Singapore GDP 1.7 % y/y, Expected: 2.4 %, Previous: 2.6 %
- Singapore GDP -4.6 % q/q, Expected: -1.5 %, Previous: 4.2 %
- UK Retail Sales Monitor 1.8 % y/y, Previous: 0.0 %
- RBNZ Offshore Holdings 64.10 %, Previous: 63.00 %
- China Money Supply 11.8 % y/y, Expected: 11.0 %, Previous: 10.8 %
- Iran and P5+1 group are to hold a comprehensive meeting at 09:00 BST at UN HQ – Fars via RTRS
- Asian shares rise as Greek deal gets cautious nod – RTRS
- Oil prices fall as Iran nuclear deal looks imminent, Asia growth outlook dims – RTRS
- Dollar up with Greece off centre stage, safe-haven yen sags – RTRS
Markets Update:
The US Dollar rose yesterday as Greece and the Euro Zone reached an agreement after long and uncertain negotiations. The Greek crisis has been seen as a concern for the Fed. A Grexit and possible contagion to other Euro Zone members could have possibly delayed a Fed rate hike, so USD bulls were relieved yesterday to see that an agreement has been reached. At the same time, the Chinese stock market has somewhat recovered from the chaotic trading the past week. Hence, JPY and CHF were both sold, as the demand for safe havens waned. Meanwhile, the Canadian Dollar remains under pressure as Oil prices fell again. Today, the Iran negotiations are scheduled to end and if there is an agreement, Oil could extend its losses.
Upcoming Events:
- 02:30 BST – Australia NAB Business Confidence
- 07:00 BST – German CPI
- 08:00 BST – Spanish CPI
- 08:15 BST – Swiss PPI
- 08:30 BST – Swedish CPI
- 09:00 BST – Italian CPI
- 09:30 BST – UK CPI
- 10:00 BST – German ZEW Economic Sentiment
- 10:00 BST – Euro Zone Industrial Production
- 13:30 BST – US Retail Sales
- 13:55 BST – US Redbook
