Greece will not be getting any more cash from the ECB

Good morning,

- Euro, Yen volatility ahead as EU Officials meet on Greece Crisis…

- Australian economic releases have been increasingly underperforming relative to economists' expectations. What's more, $AUD/USD remains little changed after the RBA left rates unchanged in July and maintained a neutral monetary policy stance. RBA says 'Further AUD$ depreciation seems likely, necessary. Economic, financial conditions to inform policy stance.'

- Greece PM Tsipras to present new plan at euro zone summit.Greek Prime Minister Alexis Tsipras is expected to present new proposals at a Eurozone emergency summit on his country's growing debt crisis. The plan is said to include a demand for Greece's debt to be cut by up to 30%, after voters rejected the terms of an international bailout on Sunday. Athens has been urged to make "serious" proposals as Greece faces the risk of default on its $331bn (£213bn) debt.

- $AUD/JPY looks a lot like NZD/JPY when it broke its H&S neckline. Still don't have clear risk aversion support.

- Greece will not be getting any more cash from the ECB. Greek banks will not be getting any more help from the European Central Bank. In an announcement on Monday afternoon, the ECB announced that it would keep its emergency Liquidity assistance, or ELA, to Greece unchanged at levels announced last Monday. That level is believed to be around €89 billion. The problem for Greek banks, as it stands, is that it looks like they are quickly running out of cash, and unless the ECB releases more money to them, the prospect of Greek banks re-opening for full use appears uncertain at best.

- Will the Greek crisis delay a Fed rate hike? Greece could start a domino effect that hits Washington D.C. this summer. It could even knock the Federal Reserve off course. Here's the problem: The Federal Reserve is on course to raise interest rates in September, but Greece's ongoing crisis could create enough uncertainty in U.S. markets or with the U.S. dollar to make the Fed delay its long-awaited rate hike. Even Fed Chair Janet Yellen has warned that Greece is a factor. "To the extent that there are impacts on the euro-area economy or on global financial markets, there would undoubtedly be spillover to the United States that would affect our outlook as well, Janet Yellen confessed in a conference call.

- Crude Oil Drops Most in 7 Months, SPX 500 Closes Weekly Open Gap.

- Slowest rise in US service sector activity for five months in June.

- China represents one of the greatest systemic risks to global financial markets today.

- Swiss Econ: Unemployment Rate 3.1% in June vs 3.1% expected and 3.2% in May

- Watch for today: German industry growth, UK industry, US job openings but of course the politics and macro uncertainty of Greece remain front and center for the Euro zone.

Have a nice Day !