Global Markets:
- Asian stock markets: Nikkei lost 2.00 % Shanghai Composite fell 3.50 %, Hang Seng declined 2.50 %, ASX dropped 2.10 %
- Commodities: Gold at $1181.60 (+0.70 %), Silver at $15.87 (+0.65 %), WTI Oil at $58.75 (-1.50 %), Brent Oil at $62.50 (-1.10 %)
- Rates: US 10 year yield at 2.32, UK 10 year yield at 2.19, German 10 year yield at 0.93
News & Data:
- Japan Industrial Production -2.2 %, Expected: -0.8 %, Previous: 1.2 %
- Japan Retail Sales 3.0 %, Expected: 2.3 %, Previous: 4.9 %
- Euro sharply down as Greece crisis deepens, default looms – RTRS
- Oil prices fall after Greek imposes capital controls – RTRS
CFTC Positioning Data:
- EUR net short 99K vs. short 89K prior
- JPY net short 88K vs. short 80K prior
- GBP net short 22K vs. short 25K prior
- AUD net short 9K vs short 4K prior
- CAD net short 18K vs short 12K prior
- CHF net long 7K vs. long 5K prior
Markets Update:
The Greek crisis reached a new level on Friday evening, as the Greek PM announced that a referendum will be held on the next weekend. A default and possible exit of the country from the Euro Zone seems as likely as ever before and the Euro dropped sharply at yesterday’s FX open. EUR/USD gapped lower to 1.0955 from the Friday close at 1.1170. Overnight, the pair stabilized somewhat and is currently trading above 1.10, but the currency is likely to remain under pressure as the market remains nervous.
European equity markets are expected to open in the red as well, with some predicting a 500 points drop in the DAX and even more in the Italian MIB index. US equity futures are already down more than 1 % on the day and Asian indices had a bad day as well, with the Shanghai Composite down more than 2 %.
Upcoming Events:
- 08:00 BST – Spanish CPI
- 09:00 BST – Norwegian Retail Sales
- 10:00 BST – Euro Zone Consumer Confidence
- 13:00 BST – German CPI
- 15:00 BST – US Pending Home Sales
The Week Ahead (Key Data & Events):
Tuesday, June 30th
- 07:00 BST – German Retail Sales
- 08:55 BST – German Unemployment Rate
- 08:55 BST – German Unemployment Change
- 09:30 BST – UK GDP
- 09:40 BST – RBA Governor Stevens speaks
- 10:00 BST – Euro Zone CPI
- 10:00 BST – Euro Zone Unemployment Rate
- 13:30 BST – Canadian GDP
- 15:00 BST – US CB Consumer Confidence
Wednesday, July 01st
- 00:30 BST – Australia AIG Manufacturing Index
- 00:50 BST – Japan Tankan Manufacturing Index
- 02:00 BST – Chinese Manufacturing PMI
- 02:00 BST – Chinese Non-Manufacturing PMI
- 02:45 BST – Chinese HSBC Manufacturing PMI
- 08:45 BST – Italian Manufacturing PMI
- 08:50 BST – French Manufacturing PMI
- 08:55 BST – German Manufacturing PMI
- 09:00 BST – Euro Zone Manufacturing PMI
- 09:30 BST – UK Manufacturing PMI
- 13:15 BST – US ADP Nonfarm Employment Change
- 14:45 BST – US Manufacturing PMI
- 15:00 BST – US ISM Manufacturing PMI
Thursday, July 02nd
- 02:30 BST – Australia Trade Balance
- 09:30 BST – UK Construction PMI
- 12:30 BST – ECB Meeting Minutes
- 13:30 BST – US NFP
- 13:30 BST – US Unemployment Rate
- 13:30 BST – US Average Hourly Earnings
- 13:30 BST – US Initial Jobless Claims
- 15:00 BST – US Factory Orders
Friday, July 03rd
- United States – Independence Day
- 02:30 BST – Australia Retail Sales
- 02:45 BST – China HSBC Services PMI
- 08:45 BST – Italian Services PMI
- 08:50 BST – French Services PMI
- 08:55 BST – German Services PMI
- 09:00 BST – Euro Zone Services PMI
- 09:30 BST – UK Services PMI
- 10:00 BST – Euro Zone Retail Sales
