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Greece Still The Story

Greece Still The Story

Good morning. We are now at the end of one of the most tumultuous months in foreign exchange that I have ever witnessed. The highlights have been the announcement of imminent Quantitative Easing in the Eurozone, the removal of the peg against the Euro by the Swiss National Bank and the anti-austerity party, Syriza get into power in Greece, causing question marks over the Greek future in the Eurozone. This has caused volatility in the markets on a level not seen for years and has certainly made life interesting especially compared to the “let’s wait and see inactivity” of recent months.

 

Today, we get a glimpse of what the future holds for Europe and the Syriza Party. Alexis Tsipras is meeting Eurozone Finance Minister Jeroen Dijsselbloem and the markets are watching closely. There seems to have been a bit of a thawing from Tsipras who now seems keen to avoid confrontation and instead reach a “viable, fair mutually beneficial decision”. Other news from Brussels is that there is no news on expected further sanctions against Russia as these could not be agreed yesterday. Today, we will get preliminary inflation from the Eurozone which is expected to fall further and highlight the challenge the ECB faces.

 

We have had positive news out of Japan, where CPI eased further on the back of falling energy prices. With unemployment falling and industrial production improving, this could well be a sign that Abenomics is working.

 

Whilst we have important CPI and unemployment data out of the Eurozone today, main focus will be on the US and their GDP which is expected to be positive.

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