Collinson FX Market Commentary - July 1 - Greece misses debt repayment
by Collinson FX on 2 Jul 2015
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Collinson FX Market Commentary - July 1 - Greece misses official debt repayment and Click here to find out how to get CollinsonFX's free iPhone app
July 1 - Greece misses official debt repayment and defaults, compounding the previous 'technical' debt default, and throwing makets in to a state of flux. Markets are nervous, considering the Chinese equity collapse and the Puerto Rican debt crises! Negotiations continue and the referendum is likely to buy time, despite the result being irrelevant, giving the regime time.
This left-wing Government reeks of incompetence and cannot comprehend the extent of the 'Grexit' and the impact on the citizenship. The EU will bend over backwards to reach a compromise but even they must have limits!? The EUR slipped back to 1.1140, while the GBP held 1.5730, with a slowly improving GDP number confirming the economic recovery.
The AUDUSD held 0.7700 to begin the new financial year, while the KIWI crashed below the technical supports and now tests 0.6750, with fall in Business Confidence reflecting the state of the local economy. Greece, China and Puerto Rico gives yet another excuse for the Fed to withhold any interest rate rise. The rate rise was always problematic as a return to normality is a contradiction in terms.
How can the Government service record debt levels with 'normal' interest rates? Monitisation of debt has become the 'norm' and confounds all monetary theory.
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