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Greek PM says a leader cannot abandon ship during a storm
Greek Prime Minister Alexis Tsipras seemed to rule out stepping down early or conceding power to a national unity government with opposition parties after being forced to abandon election promises and accept painful austerity measures. Tsipras said in an interview with Greek state television that a prime minister had the duty to fight and tell difficult truths and take hard decisions.
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Singapore Non-Oil Domestic Exports Rise 4.7% In June
Non-oil domestic exports in Singapore were up 4.7 percent on year in June, International Enterprise Singapore said on Thursday. That beat forecasts for an increase of 2.0 percent following the 0.3 percent contraction in May. Electronics exports surged an annual 7.6 percent in June, also topping expectations for a gain of 2.4 percent following the 2.5 percent contraction in the previous month. Non-electronic exports were up 3.6 percent after adding 0.6 percent a month earlier. Non-oil re-exports gained 1.9 percent on year after falling 2.8 percent in May.
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Canadian dollar touches lowest since March 2009 as BOC cuts rate
The Canadian dollar reached its weakest in over six years Wednesday following the Bank of Canada slashed its main interest rate for a second time this year. The country's central bank cut the rate by 25 basis points to 0.5%, citing sudden economic downfall during the first half of the year. The loonie stood at 77.40 US cents from Tuesday's 78.49 US cents. Certainly, the market was not fully anticipating the rate cut and we have noticed a huge reaction “in both bonds and especially the Canadian dollar,” said Doug Porter, Chief Economist at BMO Capital Market
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Australia Leading Index Adds 0.2% In May - Conference Board
The outlook for the Australian economy turned positive again in May, the Conference Board said on Friday, as its leading economic index added 0.2 percent. That follows the 0.3 percent decline in April and the flat reading in March. The LEI got positive contributions from sales to inventory ratio, rural goods exports, yield spread, building approvals and gross operating surplus. Money supply and share prices were down. The coincident index advanced 0.3 percent after gaining 0.1 percent in April and 0.3 percent in March. The CEI got positive contributions from employment, household disposable income and industrial production.
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British pound surges as traders speculate on interest rate hike
The British pound escalated on Thursday as traders expect the Bank of England to raise interest rates early next year. BOE Governor Mark Carney reiterated a first rate hike since the 2008 financial crash was getting closer and downplayed the effect of a stronger sterling on inflation. The pound traded at 69.64 pence per euro. Against the US dollar, the currency stood at $1.5599. Carney has not been vocal on interest rates, “so that was always going to give sterling a boost" said Angus Campbell, Senior Analyst at FxPro.
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U.S. Dollar Rises Against Majors
The U.S. dollar strengthened against the other major currencies in the Asian session on Monday. The U.S. dollar rose to a 6-year high of 0.7327 against the Australian dollar, a 3-month high of 0.9630 against the Swiss franc and nearly a 2-month high of 1.0819 against the euro, from Friday's closing quotes of 0.7368, 0.9607 and 1.0827, respectively. The greenback advanced to 1.5582 against the pound and 124.18 against the yen, from last week's closing quotes of 1.5597 and 124.04, respectively. Against the New Zealand and the Canadian dollars, the greenback edged up to 0.6504 and 1.2998 from Friday's closing quotes of 0.6512 and 1.2968, respectively. If the greenback extends its uptrend, it is likely to find resistance around 0.72 against the aussie, 0.97 against the franc, 1.06 against the euro, 1.52 against the pound, 126.00 against the yen, 0.63 against the kiwi and 1.30 against the loonie.
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Barclays plans to cut more than 30,000 jobs: The Times
The Times on Sunday reported that Barclays Plc intends to slash more than 30,000 jobs within 2 years after firing Chief Executive Antony Jenkins this month. This move could reduce the global workforce of the bank below 100,000 by 2017 end. It is considered as the only way to address the continuing poor performance, the paper said. These job cuts are likely to affect staff at middle and back office operations. The paper said that a potential candidate, who would replace Jenkins, is expected to axe jobs much faster and more deeply than the ejected boss.
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BoJ Minutes: Economic Recovery Is Still On Track
Members of the Bank of Japan's monetary policy board said that the country's economic recovery continues to grow at a satisfactory pace, minutes from the board's June 18-19 meeting revealed on Tuesday. The recovery is expected to continue, the board said, although downside risks include the European debt situation and the state of commodity exporters. "Japan's economy has continued to recover moderately. Overseas economies - mainly advanced economies -- have been recovering, albeit with a lackluster performance still seen in part," the minutes said. In the battle against deflation, the board said that consumer prices figure to be roughly flat due to falling energy prices. "Inflation expectations appear to be rising on the whole from a somewhat longer-term perspective," the bank said. At the meeting, the bank decided to hold its benchmark lending rate steady at 0.10 percent, and also to maintain its target of raising the monetary base at an annual pace of about 80 trillion yen. The bank also announced plans to reduce monetary policy meetings from 2016, down to eight from the current 14. In addition, it would raise the frequency of its economic outlook reports. Accordingly, it will publish forecasts for the economy and prices on a quarterly basis instead of twice yearly. In terms of economic data, exports have been picking up and steady improvement in the employment and income situation support private consumption. "Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner," the bank said.
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British pound plunges ahead of BOE minutes
The British pound plummeted on Monday as traders expected minutes from the Bank of England due this week. Last week, BOE Governor Mark Carney implied a decision on rates would surface as soon as November or February. Sterling dropped half a percent to 69.77 pence per euro. Against the US dollar, the currency traded at $1.5539. We believe there is not much room for rates to increase further. To make a case for rate hike “expectations from the current levels you need accelerating growth momentum,” said Manuel Oliveri, Currency Strategist at Credit Agricole. Investors, with no key data releases or policymake' speeches Monday, are awaiting the minutes of the central bank's monetary policy committee.
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Greece Prepares For Second Bailout Vote Today
The Greek parliament is preparing for another vote on the final bailout negotiations on Wednesday as Prime Minister Alexis Tsipras seeks to close the third bailout deal that will offer up to EUR 86 billion debt, after Greece repaid money due to the International Monetary Fund and the European Central Bank. The Greek government expects the final bailout deal by August 20, which is the deadline for a EUR 3.6 billion debt due to the ECB ahead of the EUR 1.5 billion due to IMF in September. On Monday, the crisis struck country repaid the money due to the IMF, the ECB and the Greek central bank, worth EUR 6.8 billion in total with the European Commission's EUR 7.16 billion bridge-loan. In addition, Greek banks reopened partially on Monday, helped by ECB raising the emergency lending assistance by 900 million euros for a week. Nevertheless, Greek stock and bond markets are reportedly to remain closed through Wednesday. Meanwhile, on Tuesday, Standard & Poor's Ratings Services upgraded Greece's long-term sovereign credit rating to 'CCC+' from 'CCC-' on the view that the Greek default on its stock of commercial debt is no longer inevitable in the next 6 to 12 months. S&P's affirmed short-term credit rating at 'C' with a stable outlook. S&P's analyst Frank Gil expects the possibility of Greece leaving the eurozone has declined to less than 50 percent within his forecast horizon to 2018. But he projects that the risk of an exit is still high if the Greek government does not implement the bailout program. Gil expects the new bailout program negotiations to take at least a month and projects the Greek economy to shrink by 3 percent this year. He doesn't expect capital controls to be lifted until institutions close review of banks' capital requirements late this year or in early 2016. On the other hand, on Monday, Moody's Capital Markets Research cut Greek Sovereign Expected Default Frequency metrics, which measures the expected probability of default over a year, to 3.17 percent from over 20 percent, due to positive developments over the past week. Moody's said Greece's probability of default is elevated at 3.17 percent as uncertainty remains over upcoming negotiations on a full bailout program, which are expected to last at least a month. "Even if the planned new Greek bailout is quickly and smoothly implemented, the economy looks set to remain in a deep and prolonged recession. We expect the Greek economy to contract by about 3 percent this year and possibly by much more, with little improvement in 2016," said Jonathan Loynes, Chief European Economist at Capital Economics.
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