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News Roundup
No mercy for Greece. Athens had explored the possibility of a grace period for a EUR747m payment due to the IMF on May 12, but Christine Lagarde confirmed the fund’s policy of refusing requests for a delay. She said stability in the Greek economy “is not done by a political last-minute accord, it’s done by looking at measures, committing to reforms”. This comes as Greece’s finance minister, Yanis Varoufakis hit back at its country’s lenders last night, insisting he will not back down during crunch talks despite impending debt deadlines
Putin says the worst is over. The Russian president devoted the majority of his annual marathon phone-in to domestic issues, reassuring Russians that the worst of the economic crisis had passed and that they would see a full recovery within two years. As he spoke, security forces raided the Moscow offices of Open Russia, Mikhail Khodorkovsky’s pro-democracy foundation.
Doubt surrounding the forthcoming election is weighing on investor sentiment and increasing volatility in UK currency markets, which could send waves of uncertainty rippling through bond and stock markets. High quality global journalism requires investment. With investors facing the probability of an inconclusive election result for only the third time since 1945, market attention has focused on the possible outcomes, which are numerous and worrying, according to a UBS report published on Thursday.
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Editors’ Picks
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 during the early Monday. The softer US Dollar provides some support to the major pair. Traders await the HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone, along with the Eurozone PPI.
GBP/USD rises to near 1.2550 due to dovish sentiment surrounding Fed
GBP/USD continues its winning streak for the fourth consecutive day, trading around 1.2550 during the Asian trading hours on Monday. The appreciation of the pair could be attributed to the recalibrated expectations for the Fed's interest rate cuts in 2024 following the release of lower-than-expected US jobs data.
Gold price rebounds on downbeat NFP data, softer US Dollar
Gold price snaps the two-day losing streak during the Asian session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Federal Reserve. This, in turn, has dragged the US Dollar lower and lifted the USD-denominated gold.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
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.