Market Review - 27/04/2015 22:32GMT
Euro rallies on Greece optimism after reshuffle of Greek bailout negotiating team
Despite euro's brief bounce from Asain low at 1.0848 to 1.0887 at European opening, euro ratcheted lower to 1.0819 but renewed buying quickly emerged in New York morning and the single currency rallied above last Friday's 1.0899 high to an intra-day high of 1.0927 on Greece optimism after reshuffle of bailout negotiating team.
ECB's Constancio said confident agreement can be reached with Greece. Greek finance ministry said Athens preparing bill with reform proposals included in Finmin Varoufakis' list as part of talks with EU/IMF lenders. Greek government official said earlier that political group to lead talks with lenders under Varoufakis' supervision, deputy ForeignMin to coordinate; as far as I'm aware there is no plan B on Greece, aim is to reach rapid accord with Athens.'
Italy EconMin said 'don't think Greece is risk for Italy; Greek FinMin did not face personal attacks at Eurogroup meeting; message to Greece has been that we have lost a lot of time, Athens must present detailed proposals for bailout deal.'
The greenback remained under pressure on Monday following Friday's intra-day decline from 119.66 to 118.82 and then a brief drop to 118.78 in Tokyo morning, short-covering in the greenback lifted price to 119.42 and then 119.44 in New York morning before tumbling to 118.90 after the release of weaker-than-expected US Markit service PMI.
Although the British pound continued to weaken throughout Asian n European session n fell to session low at 1.5107 at NY open, price pared its losses n rallied to as high as 1.5263 after a Ashcroft poll put the conservatives 6 points ahead of Labour in May 7 election.
Tuesday will see the release of Japan's retail sales, U.K. GDP, U.S. Redbook, consumer confidence and Richmond Fed composite index.
Euro rallies on Greece optimism after reshuffle of Greek bailout negotiating team
Despite euro's brief bounce from Asain low at 1.0848 to 1.0887 at European opening, euro ratcheted lower to 1.0819 but renewed buying quickly emerged in New York morning and the single currency rallied above last Friday's 1.0899 high to an intra-day high of 1.0927 on Greece optimism after reshuffle of bailout negotiating team.
ECB's Constancio said confident agreement can be reached with Greece. Greek finance ministry said Athens preparing bill with reform proposals included in Finmin Varoufakis' list as part of talks with EU/IMF lenders. Greek government official said earlier that political group to lead talks with lenders under Varoufakis' supervision, deputy ForeignMin to coordinate; as far as I'm aware there is no plan B on Greece, aim is to reach rapid accord with Athens.'
Italy EconMin said 'don't think Greece is risk for Italy; Greek FinMin did not face personal attacks at Eurogroup meeting; message to Greece has been that we have lost a lot of time, Athens must present detailed proposals for bailout deal.'
The greenback remained under pressure on Monday following Friday's intra-day decline from 119.66 to 118.82 and then a brief drop to 118.78 in Tokyo morning, short-covering in the greenback lifted price to 119.42 and then 119.44 in New York morning before tumbling to 118.90 after the release of weaker-than-expected US Markit service PMI.
Although the British pound continued to weaken throughout Asian n European session n fell to session low at 1.5107 at NY open, price pared its losses n rallied to as high as 1.5263 after a Ashcroft poll put the conservatives 6 points ahead of Labour in May 7 election.
Tuesday will see the release of Japan's retail sales, U.K. GDP, U.S. Redbook, consumer confidence and Richmond Fed composite index.
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