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HIGH: GREECE
Greece woes continue. In an attempt to avoid running out of money whilst talks with its international creditors drag on, the Greek government is forcing public sector bodies to hand over their cash reserves. This potentially represents another nail in the coffin of Greek E.U. membership. Disagreements still remain over privatisations, labour market reforms and pension cuts with the left wing Syriza party not wanting to agree to further liberalisations of the labour market such as reducing the minimum wage.
MEDIUM: UK
UK election uncertainty. David Cameron last-night attacked a potential Labour-SNP alliance last night claiming it would be a disastrous move for the UK economy ‘bringing it to a grinding halt’. Again, another sign that, as we head closer to the election date, the pressure and uncertainty is set to increase as the polls are still suggesting we are heading towards a hung parliament. At this stage, there is no clear favourite and both leading contenders offer outcomes that are far from ideal. Interesting times indeed!
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.