Published at 03:30 (GMT) 30 Jun
FT: Chan George Osborne has advised British tourists to take hundreds of euros in cash to Greece amid fears of cashpoints running dry, as he announced: "We hope for the best, but we are preparing for the worst."
Chan Osborne also announced help for British pensioners living in Greece and support for exporters suffering cash flow problems, after a contingency planning meeting in Downing Street. The Treasury also confirmed UK taxpayers could be asked to help Greece if the country crashed out of the eurozone, under an EU balance of payments support system.
On FX, immediate focus on Grexit fears now - even in UK, with Brexit fears now pushed to the background. With concerns ahead of July 5 referendum - a no vote is taken as Grexit by creditors. Though a no vote is taken as better bargaining power by Greek PM Tsipras government.
GBP/USD at 1.5730-35, tight range of 1.5719 to 1.5740 today. Capped on rallies now, as EUR/GBP rebounded from 7-year 8-month lows of 0.6987-89 hit on Monday to 0.7160-65. EUR/GBP hit lowest level since Nov 8 2007 0.6949, from Friday close of 0.7085-90. EUR/GBP offers at 0.7150/0.7200 again. Stoploss below 0.7080/50 again.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.