Richard Perry
Independent Analyst
The EU leaders summit at the end of last week was the latest chance for Greece to provide clarity on its progress towards meeting the measures set out as part of its bailout extension. However, there is still a sense that they are not forthcoming with enough detail, which could put Alexis Tsipras on a collision course with Angela Merkel today and this would have the potential to cause volatility. The markets are still coming to terms with the actions of the Federal Reserve this week and the volatility in the US dollar has been elevated. Again there is little to really drive the financial markets today so there will be a continued dissection of the moves last week. Wall Street closed in strong fashion last Friday with the S&P 500 up 0.9% on the day. Asian markets have followed this lead, with the Nikkei up 1.0%. European markets are mixed to slightly lower but the FTSE 100 continues to trade above 7000.
Forex markets show little sign of settling down too much today, with Cable retreating by 50 pips and the euro also lower. The continued support for commodity prices is helping the Aussie and Kiwi dollars to find further support, with the Kiwi testing its key resistance around 0.7600.
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