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Currency
Currency
EURUSD
1.0912-63
EURJPY
135.15-86
USDJPY
123.74-97
EURGBP
0.6990-0.7008
GBPUSD
1.5609-41
USDSGD
1.3649-83
USDCHF
AUDUSD
0.9517-40
0.7354-90
USDTHB
USDKRW
34.17-23
1145.9-1150.0
NZDUSD
0.6535-0.6604
USDTWD
31.07-30
USDCAD
1.2911-42
USDCNH
6.2136-67
AUDNZD
1.1182-1.1261
XAU
1146.5-1149.0
Key Headlines
Greek parliament voted in favour of the third bailout;
final tally was 299-Yes, 64-No, 6-Present. The deal was
backed by two thirds of the parliament but PM Alexis
Tsipras has suffered heavy losses (40 MPs) in his own
Syriza party.
So what next? Greek MPs need to approve measures to
unlock the third bailout worth 86bn over three years.
Today July 16, Eurogroup teleconference at 10.00am
CET. Also Dutch parliament will be addressing Greece,
Estonian Parliament will vote on third bailout for
Greece. Tomorrow, July 17, German Bundestag, Finnish
and Austrian parliaments are to vote on Greek bailout.
Other Eurozone members do not need parliament
approval.
Taken off The Guardian: A government spokesman has
said that the priority is to complete the bailout, rather
than worry about internal divisions. This explains why
initially Greek vote was about approving the third
bailout. Now that is out of the way, they will push for
reforms and fight internal resistances.
FX Flows
While market paid attention to the voting in Greece, New
Zealand released its Q2 inflation data. Quarter CPI came
out at 0.4%, which was better than previous quarters
-0.3% but versus expectations of 0.5%. Year-on-year was
in line at 0.3% from 0.1%. Kiwi fell from 0.6590 to
0.6560. Bounce was limited; the pair later trotted down
to 0.6535.
Euro had a brief moment of optimism. When the initial
tally of Greek Yes vote came though, Euro jumped to
1.0963 from 1.0947. EurJpy was then sold as we
approached the Tokyo open, sending EurUsd into the
thirties. Selling of Euros continued into Tokyo open and
Im told they came leveraged names. Euro got to 1.0912,
there are stops mentioned within 1.0900-10 but bids
below 1.0885. There should be some momentum sellers
into 1.0940 and talk of Euro offers above 1.1000
belonging macro names.
Asians
Usd/Asia, with exception of UsdMyr, opened up bid.
UsdKrw at 1147.5, UsdSgd at 1.3660, UsdThb at 34.18.
Only UsdMyr stayed at 3.8050/80. We suspect the
agents are on the offer.
Key Singapore data released this morning. The June
NODE rose more than expected, electronic exports
jumped 7.6% from -2.5%. All good for Singapore but
UsdSgd managed to hold well due to softer Euro. Market
talked about good buying by both macro and technical
names lined up below 1.3640. Most speculators are
targeting UsdSgd 1.38-1.39.
Ringgit agents have been persistent capping onshore
spot UsdMyr at 3.8080. NDF market eased on back of
this and the 1-month points between NDF and spot
settling around 90-120.
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.