FOMC concerned about China and Greece

Last FOMC meeting on 16th/17th June published its minutes last night did not provide any support for USD. One-off effects and difficulties in calculating the data lead to the weak economy in Q1, two concerns among FOMC members are, the development in China and the Greek crisis. 

The central bankers have these developments on their radar. Both these difficulties have deteriorated since the meeting. The Chinese stock market has collapsed by approx. 30% and more than 1300 stocks were suspended in Shanghai and Shenzhen yesterday but this morning prices have at least stopped falling. Greece has defaulted on an IMF payment and is at risk of leaving the single currency. 

"It is obvious that in a situation such as this there is speculation that the first Fed rate hike might be postponed", says Commerzbank.