Rising current account surplus facilitates FX accumulation by CBR

Jul 10, 2015 12:15 pm UTC| Commentary

Russias current account surplus is rising. It reached $48bn in H1 15, $10bn higher than the surplus in H1 14. The reallocation of errors and omissions in Q1 suggests that Q2 may be further upgraded in a similar manner as...

Final round in the Greek poker game

Jul 10, 2015 11:16 am UTC| Commentary

The Greek crisis remains in the centre of attention even on the bund market. A pronounced risk-off sentiment is suggested by latest price moves in Bunds. After all, the Bund future had reached the highest level since early...

FX market growing unrest on the Chinese equity market

Jul 10, 2015 11:11 am UTC| Commentary

Although the Greek issue remains in the centre of attention, the collapse of the Chinese market indicates that a new driver for the currency market is on the horizon. After all, China is currently experiencing more than...

Debt high but more sustainable than in Greece

Jul 10, 2015 10:45 am UTC| Commentary

The public debt ratio in Greece reached 177% of GDP in 2014, whereas, it was only about 130% in Portugal and around 98% in Spain. While it is rightly pointed out that Portuguese corporate and private debt levels are much...

Probably only “policy change light” for Greece

Jul 10, 2015 10:12 am UTC| Commentary

There is nothing to suggest at the moment that the economies in Portugal and Spain will weaken noticeably ahead of the parliamentary elections, which should play more into the hands of the governing parties than the...

Sunday to be the deciding day to Greece?

Jul 10, 2015 10:10 am UTC| Commentary

Yesterday, the Greek government has presented its reform proposals as demanded by its creditors. These proposals come obviously very close to the position of the creditors. To finalize an agreement, some hurdles have to be...

High Obstacle to further Bank of Canada's rate cuts

Jul 10, 2015 10:06 am UTC| Commentary

The BoC kept its key rate constant since cut its key rate to 0.75% in January , because it expects the economy to recover from Q2 onwards. But this has been cast into doubt recently. The monthly GDP estimate fell in April...