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Greece is still locked in talks with its creditors which include the International Monetary Fund (IMF) and the European commission as well as the ECB as it attempts to secure a stimulus package which would aid it skip past a looming bankruptcy which is seeming very realistic of late. Overnight, Greece had kept its pact in paying a 450m euros loan to the IMF. IMF leader Christine Lagarde had put off questions over her confidence in whether Greece would make its next scheduled payments.
The euro had suffered a decline again making it the currency’s fifth session (straight) against the American dollars as on Friday to a three and half week low as declining European interest rates had pulled investors back into the greenbacks as well as the yen. The euro had traded at about $1.06005; it had then slumped down to $1.05670 which is its lowest right from March 17 2015
Preceding Tuesday’s rebound, the euro had fallen for over 4% beginning from the first of March this year. This is occurring in face of anticipations for a potential interest rate hike which does not look too far. A series of economic data which had been released on Tuesday morning which had triggered a form of polarization in the response of economists. US retail sales had risen by over 0.9% for March this month- this is its first increase for a month since October last year
The American dollar suffered a slip against the Canadian dollar on the June 22. Relatively lower anticipations for an imminent US rate hike had cut down on the push for the greenback while markets were locked in patience for the release of the data on US home sales. USD/CAD had touched 1.2218 as of the early US trade marking the session low. The pair following this ran into consolidation at 1.2253.
The prime minister of Greece Alexis Tsipras has revealed to reporters by Monday that there is a commendable of fairness in the proposals they laid on the consideration table of its creditors as to the resolution of the debt the country is obliged to pay at present. The EUR/USD has moved past 1.1311, dropping by a percentage margin of 0.26% while the USD/JPY marked at 123.59 which notifies us of a 0.17% increment.
On Tuesday morning, the dollar had enjoyed a significant surge after comments (which were rather hawkish) from Fed governor Jerome Powell relating to the timing of the Fed’s interest rate hike would be the first of its kind in almost a decade now. It appears now that there is an equally split probability of a 50/50 chance a lift-off could possibly happen at the FOMC’s meeting which would convey later in September while another rate hike in December is not seeming unlikel
On a different dimension, the American Department of Labour had announced that the size of people who are filing for initial jobless benefits for the week ending of have June 20 have added up numbers by an increment of 3,000 marking a jump from 268,000 to 271,000 with the lesser number for the last week. Analysts are of the opinion that the initial jobless claim could increase further to 272,000 by 4,000 add up for last week.
After two days of heavy top-notch talks in Brussels, the Prime Minister of Greece, Alexis Tsipras had been scheduled to get to Athens on Friday so as to convene talks with the members of his cabinet on the issue of a revised proposal. This new proposal from Greece international creditors emphasize on the release of a 15.5 billion euros of frozen aid in installations likely four. This package would present Greece with the opportunity to meet its debt obligation to the IMF as well as the ECB through the month of November.
The American dollar has climbed to a three-week highs as compared to the Canadian dollar on Tuesday. This was the consequence of data revealing that the Canada’s economy squeezing in April as investors had maintained their skepticism over increasing worries over the Greek default. USD/CAD had touched 1.2453 during the early US trade interval. This is the pair’s highest counting back into June 9. Consequently, the pair locate its consolidation at 1.245
The British pound was relatively without changes against the American dollar on Tuesday following mixed economic reports from the United Kingdom as demand for a safe heaven greenback had maintained its support in the face of increasing concerns over the Greek debt debacle. GBP/USD had touched 1.5693 as of the European morning trade. This made the session’s low. Following this, consolidation for the pair was at 1.5728