Market Focus Today
UK Manufacturing/Industrial PMI
EUR Euro-zone Finance Ministers Meeting
Expect High Volatility in
EURUSD
GBPUSD
Overnight
Home loans in Australia for March came in considerably stronger at 1.6% vs 1.0% expected, which gave the Aussie to continue its upward range it began mid-April. It must be noted though that there is still an overall slowdown in the economy as a whole, alongside a Chinese slowdown which may still send AUD lower, in line with the Reserve Bank’s wishes.
News Roundup
HIGH: GREECE
Greece pays off €750m to IMF early! It seems as though, almost weekly, the cash-strapped Mediterranean state leaves the world wondering whether it can make its debt payment and this time it was no different. However, Greece has confirmed it has met today’s deadline for the IMF repayment, thus still managing to avoid being the first country to not make a payment to the International Monetary Fund (IMF). Despite this small bright light, crunch talks between Greece and the rest of the Eurozone’s finance ministers once again ended without agreement. However, both sides insisted that progress is being made but with still ‘significant divergence’ over key issues such as pensions and labour market reforms, according to Greek finance minister Varoufakis.
LOW: RUSSIA
John Kerry is set to visit Moscow today for the first time since the beginning of the Ukraine crisis that left relations between the US and Russia at a post-Cold War low. The U.S. secretary of state is set to meet Vladamir Putin to discuss the Ukraine crisis, Syria, and Iran, but the meeting will not amount to a ‘normalising’ of relations between the two. Instead it is being seen as part of an ongoing effort to maintain ‘an open line of communication’ according to a state department spokeswoman.
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