Ramifications from Greece in Today’s Market
MARKET PULSE
Finance ministers from the 19-member countries gather Tuesday to discuss Greece
German Chancellor Angela Merkel said “time is running out”
SNB confirmed in June that it sold francs to limit the currency’s advance.
that the central bank pledges to defend.
ECB toughened collateral terms for loans to Greek lenders as banks in Greece remained closed
U.S.-traded China stocks fell most in 4 yrs (-5.1%)
Brent crude tumbled 6.3% as Greek impasse and Chinese stocks stoked concerns
Emerging market ETFs saw their biggest withdrawals in almost 4 months
Taiwan exports are forecast to fall 6% y/y in June, marking a fifth straight month of declines
June – $300 million fall in value of Gold ETFs
Gold has slumped about 40 % since reaching a record in 2011
ommodity Index of 22 raw materials fell 5 % this year
MSCI All-Country World Index of equities rose 0.9 %.
The net-long position in gold declined 55 % to 21,480 futures and in June (Oct 2006 low)
INR is likely to weaken gradually in coming months, says BNP Paribas
India, Pakistan may join Shanghai Cooperation Org.: Kremlin
Billionaire founders said to be close to de-listing Essar Oil
India to kick off solar program this month with $330m
INDIAN INR
MARKETS
INR gains 0.1% to 63.3350 per USD
1-month implied volatility rises 5 bps to 5.6875%; average of past 12 months is 6.7612%
1-months. forwards rise 0.3% to 63.61 per USD
1-Month USDINR NDF 63.70
3-Month USDINR NDF 64.25
Pivot point at 63.4817;
INR Support at 63.3284, 63.2517, 63.0217; resistance at 63.5584, 63.7117, 63.9417
USDINR testing lower Bollinger band at 63.2044
MSCI Asia Pacific Index +0.6%
SGX CNX Nifty future for July contracts -0.3%
FACTORS
Greece may be in limbo, RBI Deputy Governor Patel
Global investors bought net $55.7m of local stocks on July
India leading stock index Sensex rose 0.4% yesterday
INR is likely to weaken gradually in coming months, says BNP Paribas
India, Pakistan may join Shanghai Cooperation Org.: Kremlin
Billionaire founders said to be close to delisting Essar Oil
India to kick off solar program this month with $330m
FOREIGN EXCHANGE
MARKETS
EUR declined 0.5 % versus the USD Monday, after initially tumbling as much as 1.3 %.
The EUR fell 0.2 % to $1.1039
The EUR slipped 0.1 % to 135.39 yen
GBP reached a seven-year high against the euro last week
The Czech koruna at a ( Novr 2013 high ) close to the 27 to euro limit set by the Central Bank
FACTORS
Finance ministers from the 19-member countries gather Tuesday to discuss Greece
German Chancellor Angela Merkel said “time is running out”
SNB confirmed in June that it sold francs to limit the currency’s advance.
that the central bank pledges to defend.
ECB toughened collateral terms for loans to Greek lenders as banks in Greece remained closed
U.S.-traded China stocks fell most in 4 yrs (-5.1%)
Brent crude tumbled 6.3% as Greek impasse and Chinese stocks stoked concerns
Emerging market ETFs saw their biggest withdrawals in almost 4 months
Taiwan exports are forecast to fall 6% y/y in June, marking a 5th straight month of declines
GOLD
MARKETS
Gold spot declined 0.2 % to $1,168.51 Gold had risen 0.1 % on Monday
Gold Futures for delivery in August declined 0.5 % to $1,167.80
Spot silver fell 0.2 % to $15.7120 after climbing 0.3 % on Monday.
FACTORS
June – $300 million fall in value of Gold ETFs
Gold has slumped about 40 % since reaching a record in 2011
Commodity Index of 22 raw materials fell 5 % this year
MSCI All-Country World Index of equities rose 0.9 %.
The net-long position in gold declined 55 % to 21,480 futures and in June (Oct 2006 low)
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