Spreadex Market Update
Greek worries heat up with a week to go until key deadline
Last night saw a flurry of activity, with the IMF chief Christine Lagrade effectively ruling out allowing Greece to delay its repayments to the financial institution. Varoufakis then got a grilling, ending his conference at the Brookings Institution by saying that Greece will ‘compromise, compromise, compromise without being compromised’. It will be the definition of this last part, what constitutes Greece being ‘compromised’, that will be key; one suspects there will be diverging opinions on this front between Athens and its creditors.
There is a chance the Eurozone could rebound this Friday, with inflation data for the region to come later in the morning. Last month’s figures was an improvement, increasing from -0.6% to -0.3%; today is forecast to see a similar increase, up to -0.1%, something that may help drag the Eurozone out of its week long slump.
Despite spending much of each day looking weak against the dollar, since Monday’s mild losses sterling has consistently managed to close higher against the greenback than it opened. It is now currently at highs not seen since the start of April, with the dollar suffering under yesterday’s latest weak jobs data. Even the euro, which has undergone daily wobbles over the perpetual, and distinctly Greek, threats to the currency union, is at its best price against the dollar for over a week.
The FTSE opened the day on the positive side of flat, after yesterday afternoon’s IMF-inspired declines pulled the index away from its record-highs. As the election rumbles on, the UK’s economic releases today will be heavily scrutinised; the unemployment rate and claimant count change will likely be used by the Tories as proof of the 1000 jobs a day they have created in power, whilst Labour will point to the stagnant wage growth that is expected to be announced later this morning as another example of the failures of the Conservative government.
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