Greek referendum result 'very regrettable'

Good morning,

- Greece's vote edges it towards euro exit, but the odyssey is far from over…

- New six year low for $AUDUSD. China market volatility, iron ore tumble and Euro zone uncertainty having an influence. Anyway according to Citi, Since February 3 2015, Australian economic releases have been increasingly underperforming relative to economists' expectations.

- Asian equities update: Nikkei 225 20215.16 (-1.58%), Hang Seng 25216.88 (-3.25%), Shanghai Comp 3766.37 (+2.16%).

- Greek Referendum: "No" 61.3%, "Yes" 38.7% on 100% counted votes. EU's Dijsselbloem: Greek referendum result 'very regrettable'. Difficult measures, reforms inevitable for Greece.

- EU's Tusk calls for Euro summit on Tuesday at 6pm, summit will consider situation in Greece.

- Merkel, Hollande call for summit of Euro area leaders on Greece.

- Greece's Tsipras: Greek people didn't respond to in or out Euro question, Greece will return to negotiation table tomorrow. What's more, Tsipras told to newspapers that Greece will seek to negotiate debt restructuring, viable solution requires debt restructuring.

- Eyes now on July 20, when Greece owes EUR3.5bn on a bond held by the ECB. A defaults on that bond ties the hands of the ECB for keeping ELA.

- BNP Paribas on EUR: The unexpected “no” vote in the Greek referendum will produce significant uncertainty over the next 48 hours, notes BNP Paribas. "Our economists now place a 70% chance on a Grexit. Over the next 48 hours, the ECB will likely be the most critical institution especially regards its attitude to the extension of ELA to Greek banks. This looks unlikely without additional haircuts. Furthermore, we now believe this outcome makes a September Fed rate hike unlikely," BNPP argues. "Given the “no” outcome in Greece, our favoured trade remains short EUR crosses especially EURJPY. This trade has the benefit of gaining short EUR exposure but also benefits from JPY appreciation which is typical riskoff price action. We target a move back to the 130-132 range. This also avoids a potential reversal in EURUSD that occurred last week," BNPP advises. "Short EURGBP should also benefit but short EURCHF risks running into SNB intervention again," BNPP adds.

- With elections coming up in Spain, the EU may want nothing less than to bolster the idea that what Syriza has been doing works.

- Greek FM Varoufakis: Minister No More. Minister of Finance Varoufakis resigned in order to assist negotiations with EU, Institutions.

- BOJ Kuroda: Will keep closely watching financial markets on Greece, will keep close contact with counterparts on Greece.

- Eyes now on July 20, when Greece owes EUR3.5bn on a bond held by the ECB. A defaults on that bond ties the hands of the ECB for keeping ELA

- Watch for today:USD ISM Non Manufacturing, Fed’s Labor Market Conditions Index, EZ Retail.

Have a nice Week!