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07.04.2015 08:20

Press Review: Greece moves to quell default fears, pledges to meet 'all obligations'

BLOOMBERG

Dollar Drop Signals World's Best Forecaster to Start Buying

It's time for investors who bailed on the dollar in the past few weeks to get back in, says the most-accurate currencies forecaster.

The greenback has tumbled 4.3 percent versus the euro since touching a 12-year high last month amid speculation the Federal Reserve will delay raising interest rates, in part because the dollar's strength is hurting U.S. economic growth. That concern is overblown, according to ING Groep NV, which topped Bloomberg's rankings of foreign-exchange analysts for the second quarter in a row.

"The market is now pricing in a very subdued pace of the tightening cycle -- we disagree," Petr Krpata, a foreign-exchange strategist at ING in London, said on April 1 by phone. "We just see the latest correction as a perfect opportunity to get into the trade again."

Source: http://www.bloomberg.com/news/articles/2015-04-06/dollar-s-drop-is-cue-to-start-buying-for-world-s-best-forecaster

REUTERS
Greece moves to quell default fears, pledges to meet 'all obligations'

(Reuters) - Greek Finance Minister Yanis Varoufakis said on Sunday that Greece intends to meet all obligations to all its creditors, ad infinitum," seeking to quell default fears ahead of a big loan payment Athens owes the IMF later this week.

Following a meeting with the head of the International Monetary Fund, Varoufakis told reporters the government plans to "reform Greece deeply" and would seek to improve the "efficacy of negotiations" with its creditors.

Greece has not received bailout funds since August last year and has resorted to measures such as borrowing from state entities to tide it over. It offered a new package of reforms last week in the hope of unlocking funds, but has yet to win agreement on the proposals with its EU and IMF lenders.

Source: http://www.reuters.com/article/2015/04/07/us-eurozone-greece-imf-idUSKBN0MX01D20150407

BLOOMBERG

Rajan Holds India Rate as Banks Fail to Pass on Earlier Cuts

India's central bank left interest rates unchanged as commercial lenders in Asia's third-largest economy have yet to pass on two previous cuts to customers.

Governor Raghuram Rajan kept the benchmark repurchase rate at 7.50 percent, the Reserve Bank of India said in a statement in Mumbai on Tuesday, a move predicted by 33 of 42 economists in a Bloomberg survey. The rest saw a cut to 7.25 percent.

"Going forward, the accommodative stance of monetary policy will be maintained, but monetary policy actions will be conditioned by incoming data," Rajan said. The bank will watch for transmission of previous rate cuts, price rises, government moves to ease supply and normalization of U.S. policy even as India is "better buffered" against volatility, he said.

Source: http://www.bloomberg.com/news/articles/2015-04-07/rajan-holds-india-rates-as-banks-fail-to-pass-on-previous-cuts

Market Focus

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  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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