Market Roundup
- Fed’s Fischer lag in impact of mon policy means Fed can’t wait to raise int rates until inf/employment objectives reached
- Eurogroup’s Dijsselbloem says Greece’s stance must change for new bailout, to meet Wednesday
- Merkel says Germany can’t discuss new plan before Greek vote (source)
- Germany’s Merkel says door stands open for talks w/Greece, but program expires at midnight
- Germany’s Schaeuble said he’d advise ECB not to raise liquidity to Greek banks-sources
- Germany’s Schaeuble says Greek ‘no’ vote would not mean Grexit
- ECB’s Nowotny – Greek failure to pay IMF not the same as default
- Greece FinMin says Greece will not Pay IMF Tuesday, hopes for a deal w/creditors
- Maltese PM says Greece would conditionally suspend bailout referendum
- Greece’s chief negotiator Tsakalotos seeks flexibility from lenders in next days; sees referendum as part of negotiation process, not a substitute
- S&P says Ratings on four Greek banks lowered to ‘SD’ following restrictions imposed on deposits (Alpha Bank AE, Eurobank Ergasias S.A., National Bank of Greece S.A., Piraeus Bank S.A)
- US Chicago PMI Jun 49.4, f/c 50, 46.2-prev
- US Consumer Conf Jun 101.4, f/c 97.3, 94.6-prev
- CA GDP MM Apr -0.1%, f/c 0.1%, -0.20%-prev, weakness may hint at broad NorAm weakness
- Moody’s says Puerto Rico debt restructuring study casts doubts on GO bond protections
Looking Ahead – Economic Data (GMT)
- 23:30 AU AIG Manufacturing Index Jun 52.3-prev
- 01:30 AU Building Approvals* May f/c 1.00%,-4.40%-prev
- 23:50 JP Tankan Big Mf Idx Q2 f/c 12, 12-prev
- 23:50 JP Tankan Big Mf Outlook DI Q2 f/c 12, 10-prev
- 23:50 JP Tankan All Big Capex Est Q2 f/c 5.20%, -1.20%-prev
- 23:50 JP Tankan Small Mf Idx Q2 f/c 1, 1-prev
- 23:50 JP Tankan Sm Mf Outlook DI Q2 f/c 1, 0-prev
- 23:50 JP Tankan All Sm Capex Est Q2 f/c -16.30%, -21.20%-prev
- 01:35 JP Manufacturing PMI Jun 49.9-prev
- 01:00 CN NBS Non-Mfg PMI* Jun 53.2-prev
- 01:00 CN NBS Manufacturing PMI* Jun f/c 50.3, 50.2-prev
- 01:45 CN HSBC Mfg PMI Final Jun 49.6-prev
Looking Ahead – Events, Other Releases (GMT)
- No Significant Events
Currency Summaries
EUR/USD
- EUR/USD was trading in choppy range in Europe’s morning session, In the US sessions it neared mid-point of 1.1134-1.1206 range.Bullish pressure was applied in early NY session, As a result of weak US economic data, The Pair rallied & pierced 200-HMA, later it hit session high of 1.1245.
- USD rebounded after the comments by German Merkel that can’t consult on new Greek proposal, The pair hit 1.1110 in the mid New york session,It neared 1.1165 and later 1.1145 for rest of session.Techical indicators 10& 21-DMAs,RSI were indicating bearish trend on daily chart, and daily cloud top dropping.
GBP/USD
GBP/USD was unable to hold gains as Greek deadline approached and there was no resolution, Greece missed IMF payment deadline on Tuesday, decided to send in new proposal on Wed referendum odds are getting closer very fast cable traded in the range of 1.5700-1.5775 in New york session and it ended in New york session at 1. pair is set to resume bullish trend in the short term, To the upside the pair finds immediate resistance at 1.57750, And to the flipside immediate support can be found at 1.5704 .
AUD/USD
AUD/USD traded in tight range in Europe’s morning session, AUD/USD tested 0.7660 support level and bounced back to reach 0.77241( June 30 high). During New York session earlier on softer Treasury yield, The pair rallied and pierced 200 HMA by reaching 0.7725 high but the gains faded quickly ,As AUD/USD dived below 0.7680. No further losses occurred in this pair as it recovered to 0.7705 late in theday.China’s June Manufacturing and Non-Manufacturing PMI’s may pose a big threat to AUD/USD in the Asian session on Wednesday. To the downside strong support lies at 0.7675 and to the upside strong resistance lies at 0.7714
NZD/USD
NZD/USD hit new lows were hit (0.6745) in the early New York session on follow through from Europe’s morning. NZD/USD rallied to 0.6786 (June 29 low) but faltered when US economic data were released , there are no New Zealand data on Wednesday. But Chinese June Manufacturing and Non-Manufacturing PMI’s can weaken NZD dollar further in the Asian session
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