New Zealand ANZ Business Confidence -2.3 %, Previous: 15.7 %
Japan Average Cash Earnings 0.6 %, Expected: 0.7 %, Previous: 0.7 %
UK Consumer Confidence 7.0, Expected: 2.0, Previous: 1.0
WSJ’s Hilsenrath: For Fed To Delay Rate Hikes, Global Tumult Would Need To Infect US
China’s PBOC Seen Cutting Interest Rates Again, Just Not Yet — BBG Survey
Japan EcoMin Amari: Need To Watch Greece Situation Calmly, Hope EU & Greece Reach Soft Landing
S&P 500 erases 2015 gains; closes down 2 % on the day
The price action in Euro caught many by surprise yesterday. After it gapped lower at the Sunday open, EUR/USD did not only fill the gap within the next 12 hours, it even extended gains to 1.1273, 100 pips higher from Friday’s close. Some explain this move by the fact that many funds were short EUR and long EU equities and since they cut back on equities position, they also reduced their short EUR exposure. Greece has to repay €1.3 billion to the IMF today and it seems likely that the country will default. Whatever the impact on the Euro, intraday volatility will definitely remain high.