61% Vote against austerity, Greek exit? Who will pay the debt?
QUOTE: : If you want to win be in a team, if you fight you are in a unit, if you want to pass the buck be in a department
MARKET PULSE
Greeks voted against yielding to further austerity, raising the risk of an exit from the EU
61 % of Greeks voted to back Prime Minister Alexis Tsipras’s rejection of further spending cuts
Expected a return to bailout negotiations, but the chance of reaching an agreement seems slim.
German Chancellor will travel to Paris on Monday to meet French President
EUR has weakened 8.8 % against the USD this year, after a 12 % decline in 2014
A 7-day selloff in iron ore and the worst fall in Chinese equities since 1992 will hurt AUD
China has suspended IPOs & will support margin trading to halt stock-market rout
Grexit now looks likely, say Barclays & JP Morgan
Gold is 8.1 % higher this year in EUR , while it’s 1.4 % weaker in USD terms
Holdings in God ETF fell 5.4 % and are near the lowest in six years
Malaysia’s PM faces govt probe of whether payments to troubled 1MDB ended up in his bank
BOJ’s Kuroda to speak to bankers at 9:30am HKT
Indian FX reserves fell for the 1st time in 5 weeks by $237.5 m to $355.2 b (Jun 26th)
Global investors bought net $90.4m of Indian stocks
INDIAN INR
MARKETS
INR falls 0.3% to 63.6025 per USD
1-month implied volatility rises 2 bps to 5.7725%; this year’s average is 6.7658%
1-month forwards slide 0.4% to 63.92 per USD
INR Pivot point at 63.4267
Support at 63.3646, 63.2916, 63.1565; Resistance at 63.4997 and 63.5618 broken, next at
63.6969
USD/INR MACD drops below zero, signal line also below zero
FACTORS
Indian FX reserves fell for the 1st time in 5 weeks by $237.5 m to $355.2 b (Jun 26th)
Global investors bought net $90.4m of Indian stocks
India’s leading stock index, Sensex rose 0.5% on July 3
FOREIGN EXCHANGE
MARKETS
The euro slid 0.7 % to $1.1043 after declining as much as 1.3 % to $1.0970,( Jun 29 low)
EUR tumbled 0.9 % to 135.25 yen.
JPY strengthened 0.2 % to 122.58 per USD
CHF appreciated 0.2 % on Monday to trade at 1.04191 per euro.
AUD fell 0.6 % to 74.81 cents, after declining to 74.52 cents, (May 2009 low)
USD Spot Index gained 0.3 % to 1,191.04. It has climbed 5.3 % this year.
One-month volatility,of EUR-USD rose to 13.5 %, from 12.7 % at the end of last week
FACTORS
Greeks voted against yielding to further austerity, raising the risk of an exit from the EU
61 % of Greeks voted to back Prime Minister Alexis Tsipras’s rejection of further spending cuts
Expected a return to bailout negotiations, but the chance of reaching an agreement seems slim.
German Chancellor will travel to Paris on Monday to meet French President
EUR has weakened 8.8 % against the USD this year, after a 12 % decline in 2014
A 7-day selloff in iron ore and the worst fall in Chinese equities since 1992 will hurt AUD
China has suspended IPOs & will support margin trading to halt stock-market rout
Grexit now looks likely, say Barclays & JPMorgan
GOLD
MARKETS
Gold spot was at $1,168.31 from $1,168.70 on Friday
In early Asian trade, Gold Spot had advanced as much as 0.6 % to $1,175.45
Gold August rose as much as 0.9 % from Thursday’s close to $1,174.40 and traded at $1,167.30.
Spot silver fell 0.5 % to $15.6205, reversing a 0.9 % climb.
Gold in euros added as much as 1.8 % to 1,068.87 euros, and last traded 0.8 % higher at 1,058.65 euros.
FACTORS
Gold is 8.1 % higher this year in EUR , while it’s 1.4 % weaker in USD terms.
Holdings in God ETF fell 5.4 % and are near the lowest in six years
Malaysia’s PM faces govt probe of whether payments to troubled 1MDB ended up in his bank
BOJ’s Kuroda to speak to bankers at 9:30am HKT
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