Greece Imposed Capital Controls After Failure to Reach Deal
QUOTE: The way to get things done is not to mind who gets the credit for doing them.
MARKET PULSE:
· Greece imposed capital controls, with daily withdrawal limits at 60 bn euros including local branches of foreign banks
· The failure to reach a deal with creditors leaves Greece set to default on 1.6 billion euros of loans from the International Monetary Fund that fall due on 30th June
· Greece called a referendum for July 5 on the bailout proposal
· U.S. urges Europe, IMF to reach a deal to keep Greece in euro zone
· BOJ Khuroda says BOJ’s commitment to achieving the 2 percent inflation target will never be compromised
. People’s Bank of China has lowered its interest rates by 25 bps to 4.85% in a bid to stimulate the economy
INDIAN INR:
Markets
· Indian Rupee is trading at 63.830 per USD, as against Friday’s closing level of 63.452
· USDINR pivot point at 63.780
· USDINR support levels seen at 63.802, 63.783 and resistance at 63.838, 63.857
Factors
· India Leading stock index Sensex trading down by 1.61% at 27,364.39
· Asian markets are heavily down tracking developments in Greece as debt crisis deepened over the weekend with referendum on austerity measures for July 5.
FOREIGN EXCHANGE:
Markets
· USD Index at 96.33 vs 96.60
· USD JPY at 122.61 vs 123.85
· EUR stood at $ 1.1015 up from $ 1.1164
Factors
· Greece imposed capital controls, with daily withdrawal limits at 60 bn euros including local branches of foreign banks
· The failure to reach a deal with creditors leaves Greece set to default on 1.6 billion euros of loans from the International Monetary Fund that fall due on 30th June
· Greece called a referendum for July 5 on the bailout proposal
Markets
· Spot Gold trading at $1,183.2
· Silver spot was at $15.90
· Gold for August delivery was trading at $1,183.30
· Silver july delivery contract was trading at $15.893
Factors
· Greece imposed capital controls, with daily withdrawal limits at 60 bn euros including local branches of foreign banks
. Greece called a referendum for July 5 on the bailout proposal
. People’s Bank of China has lowered its interest rates by 25 bps to 4.85% in a bid to stimulate the economy
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