Greek referendum: “No” most likely means EMU exit

Jul 05, 2015 21:16 pm UTC| Commentary

On Sunday 5 July, the Greek voters rejected the last deal proposed by the Institutions. At the time of writing, with 75% of the vote counted, the government supported stance had received 61.5% of the votes cast - a stable...

Canada's employment report to shed light on economic activity

Jul 05, 2015 21:11 pm UTC| Commentary

Last week, the CAD underperformed relative to most of its peers, in part due to a low reading of Aprils monthly GDP. The contraction in economic activity was influenced mainly by the oil and mining sector, which contracted...

RBA sidelined by strong house prices

Jul 05, 2015 20:56 pm UTC| Commentary

The RBA meets on Tuesday and it is expected to keep the cash rate unchanged at a record low of 2%. The RBA retains an easing bias, but seems happy to stay on the sidelines given the strength in house prices.There have been...

More data but Greece likely the main risk for JPY

Jul 05, 2015 20:52 pm UTC| Commentary

With BoJ Tankan report last week broadly confirming the ongoing recovery, we will look for further hints on the current economic backdrop from this weeks data. Firstly, May machinery Orders (Thursday) is expected to drop...

BoE policy unchanged, UK budget the focus

Jul 05, 2015 20:43 pm UTC| Commentary

Focus this week will centre on the new Conservative governments supplementary budget (Wednesday). The headline budget trajectory of aggressive fiscal consolidation is not expected to be materially changed.At the margin,...

EUR: Greece to overwhelm this week

Jul 05, 2015 20:30 pm UTC| Commentary

Greek developments are likely to overwhelm data this week as noted in detail above. German factory orders (Monday) and IP (Tuesday) are likely to decline 0.5% m/m (consensus: -0.4%) and increase 0.3% m/m (consensus: 0.1%),...

USD still supported

Jul 05, 2015 20:23 pm UTC| Commentary

The USD is expected to remain generally well supported next week despite the somewhat disappointing June employment report in the US and a lack of relevant economic releases. Even though employment figures were...