A short summary of today's developments
Payment to ECB (3.9bn)
2) Wed 22 July
Further requirement for Greek legislation: Civil justice system & banking union (BRRD)
3) 4 weeks
Institutions and Greece negotiate new ESM programme
- German parliament votes 439-119 in favor of Greek aid package and backs bridge financing. Austria. With the relevant parliaments approving the deal, the formal ESM negotiations is said to begin.
- In Greece, reshuffle of government set to be postponed, possibly even after Wednesday's vote.
- In letter to parliament, Schaeuble says IMF won't be involved in first mid-August tranche, but after conclusion of first review in autumn and confirmation of debt sustainability.
- Greek deputy FinMin says that banks will re-open Monday for basic services, and media reports suggest that stock market will follow Tuesday or Wednesday.
The game plan from here
1) Mon 20JulyPayment to ECB (3.9bn)
2) Wed 22 July
Further requirement for Greek legislation: Civil justice system & banking union (BRRD)
3) 4 weeks
Institutions and Greece negotiate new ESM programme
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.