FXStreet (Guatemala) – The Westpac Global Strategy Group noted the key events for the day ahead.
Key Quotes:
“Australia May housing finance will be released at 11:30am Syd/9:30am Sing/HK. Industry data suggests that owner occupier approvals will pull back. Westpac and consensus are at -3.0%m/m after a 1.0% rise in May.”
“While auction activity and price gains remain strong in the key Sydney and Melbourne markets, this tends to be driven by investor demand, which is not captured in the headline print. There will be keen interest in investor numbers, which should start showing signs of tighter lending criteria and regulatory change in the coming months.”
“India May industrial production is expected to gain 4.0% y/y, a tick lower from 4.1% in Apr. Philippines May exports are also due.”
“The schedule on Greece includes the debate and vote on reform proposals in the Greek parliament starting at 8am Athens and lasting into the evening, a meeting of the Eurogroup, and the full meeting of the 28 members of the EU on Sunday. The request of EUR3.5bn of loans from the ESM will also need to be assessed by the European Commission with the ECB. The ESM’s board of directors, which is comprised of Eurogroup finance ministers, would then need to approve by unanimous vote, though its “emergency voting procedure” allows the threshold to fall to 85% to prevent major financial stability risks.”
“Focus during the NY session will be Fed Chair Yellen speaking on the US economic outlook with audience Q&A to follow. The FOMC minutes pointed to some signs of caution regarding the situation in Greece and concerns on growth in China as well as the strong US dollar. Markets will watch for an update given the developments since the last Fed meeting.”
(Market News Provided by FXstreet)