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06.07.2015 18:23

American focus: the euro fluctuates

During the American session the euro fluctuates against the US dollar on news of Greece. Euro opened the day gap after Sunday population of Greece has chosen to accept or reject the draft agreement submitted by the European Commission, the ECB and the International Monetary Fund at a meeting of the Eurogroup (Council of finance ministers of the euro area) on June 25. After counting 100% of ballots referendum it became known that against the signing of the agreement on financial aid voted 61.31% of Greeks. "For" the signing voted 38.69% of the population. Commenting on the results of the referendum, the head of the Eurogroup and the Minister of Finance of the Netherlands Jeroen Deysselblum called them "very sad" for the country's future. Meanwhile, Greek Prime Minister Alexis Tsipras welcomed the results of the referendum and said that Athens are returning to negotiations with the immediate aim to resume the work of banks that do not work for a week after it was introduced capital controls.

We also add that today the head of the European Commission, the finance ministers of the Eurogroup and the ECB were to meet and discuss the potential consequences of the referendum. German Chancellor Merkel and French President Hollande met in Paris to work out a common strategy before the next meeting of the Eurogroup. The Governing Council of the ECB will also hold a meeting today, during which will be discussed in terms of program lending Greek banks ELA. Analysts predict that the Central Bank will close the ELA at least July 20, which may entail the need to type in the country for the national currency liquidity and capital injections into banks. Also, the Central Bank may discuss measures aimed at to calm financial markets.

Little support was data from Sentix, which showed that, despite the crisis in Greece, the index of investor confidence in the euro zone unexpectedly improved in July, retreating from a 4-month low. The index of investor confidence rose to 18.5 against 17.1 in June. According to forecasts, the index was down to 16.0.

The US dollar rose against the yen after data ISM. In June, the index of business activity in the US service sector, calculated by the Institute for Supply Management (ISM), increased, reaching 56.0 at the same level as compared with the May reading at the level of 55.7. According to experts, the value of this indicator was to increase to 56.2.

Frank fell moderately against the US currency. The impact on the currency had a statement of the Minister of Economy of Switzerland, who in an interview with Le Temps noted that the upward pressure on the franc strengthened after the referendum. He added that the SNB can review the situation (ie to intervene). Yesterday's referendum, in which the Greeks voted against the austerity measures, increase the likelihood of risk aversion in the event of a Greek exit from the eurozone.

The Canadian dollar was down against the US dollar. Purchasing Managers Index (Ivey PMI) in June, with the seasonally adjusted 55.9, pointing to the growth of purchasing activity in Canada, as compared to May. The index, which measures the economic activity of a group of purchasing managers in the various regions of Canada, sponsored by the Richard Ivey School of Business at Western University. A reading above 50 indicates growth in activity, while values ​​below 50 indicate about her fall.

The employment index in June was 50.7, indicating growth in employment from the previous month.

The index of inventories amounted to 48.9, indicating the decline in inventories compared with the previous month.

The price index in June was 59.4, pointing to a rise in prices compared with the previous month.

Shipments index was 48.8, signaling a slowdown in deliveries compared with the previous month.

All data seasonally adjusted.

Unadjusted PMI Ivey in June was 59.5.

06.07.2015 17:08

WSE: Session Results

Market Focus

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  • Earnings Season in U.S.: Major Reports of the Week
  • 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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