One Eye On Greece As Yellen, Carney and Draghi Speak
Good morning. Yesterday’s much heralded arrival of the Greek list of proposed reforms to the Eurogroup never materialised and instead we are expected are to see this sent to Brussels today. This list is expected to include measures reforming the public sector, cutting bureaucracy, regulating tax arrears and bad loans, and fighting tax evasion.
Although this did not happen yesterday, the market still had at least one eye on happenings in Greece as German GDP readings hardly caused a ripple.This was despite figures matching the preliminary prints and showing that Germany managed to considerably accelerate its growth in Q4 of 2014.
Today, we are going to be focussed on decision makers as Mark Carney, along with Deputy Governors Broadbent and Miles appear in front of the Treasury Select Committee, Janet Yellen appears before the Senate, and Mario Draghi is also speaking. We should expect a continuation of the recent upbeat tone from Carney as the UK re-enters the rate-hike race. Yellen will probably be more cautious and could well comment on the precarious nature of the world economy again.
We also have CPI from the Eurozone and Consumer Confidence from the US, so today promises to be interesting.