WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The minutes from the FOMC 14-15 June policy meeting failed to provide any new insights over the central bank’s policy deliberations ahead. Against this background, the USD lost some ground while the GBP remained under pressure across the board amid lingering uncertainty on the domestic economic and political front following the Brexit referendum outcome. Looking at today’s calendar, focus is on the US’ ADP employment report ahead of the more crucial non-farm payrolls data for June due on Friday.
GREECE: The Eurogroup is scheduled to convene on Monday, June 11th and Greece’s progress with regard to the implementation of the 3rd Economic Adjustment Programme will be included in the agenda. The institutions have advised the Greek government to proceed more swiftly with the implementation of the milestones attached to the next sub-tranche of €2.8bn scheduled for release after the September 9th Eurogroup. These, among others, include the legislation of the Medium Term Fiscal Strategy 2017 – 2020, a difficult task due to the fact that the Greek government is reportedly mulling to revise lower the primary surplus target beyond 2018 rather than maintain it at 3.5%-of-GDP, as has been agreed with official creditors.
SOUTH EASTERN EUROPE
CESEE MARKETS: The majority of Emerging Market assets rebounded earlier on Thursday after June’s FOMC minutes released yesterday leaned on the dovish side. Bourses and currencies in the CESEE region were mixed, while sovereign debt markets mostly retreated ahead of several government bond auctions due later in the day.
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