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Greece Watch

Greece Watch

Yesterday saw more jostling in the markets principally, of course, from the continuing situation in Greece. The GBPEUR eased back during the day after posting highs earlier the night before, just peaking over 1.4300 before heading back down again markedly. The GBPUSD endured a choppy, short-range trajectory all day with an erratic but ultimately muted movement. The commodity based dollars are a different story, with (get this) the GBPNZD at 2.3000+ and the GBPAUD 2.030+ and the GBPCAD 1.98+ and with the trend still supporting the moves.

So, to Greece then. After reporting yesterday that the referendum is critical in terms of market interpretation of the course available to Greece, we see that the head of the European Commission has weighed in with a last minute offer to attempt to curry acceptance from the Greek Prime Minister. Actually, this was the same deal he has previously rejected, just a re-offer. The Prime Minister has again rejected the terms and so we appear to be moving, inexorably, toward this pivotal referendum. Meanwhile, tens of thousands of Greeks demonstrated in Athens against further austerity. It has been reported that, in the referendum, “Alex Tsipras will vote ‘no’ on Sunday”.

News from the United States seems fairly nondescript next to the frenetic world of the Grexit. Some political manoeuvring is still taking place with announcements continuing to be made for the 2016 presidential race and today we see a swathe of data sets from them, albeit second tier stuff. The data releases elsewhere are thin on the ground for the remainder of the day. We had seen the EUR Consumer Price Index number this morning, which came in at precisely what was forecast:  0.2 year on year to June.

The headlines are dominated by the story unfolding in Athens and will continue to do so until some form of resolution is reached…

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