HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The US dollar remained under pressure in European trade on Tuesday, with the DXY dollar index hovering around 93.970 at the time of writing within distance from a fresh 13-month low of 93.815 hit earlier today. Heightened political risk continues to weigh on the USD, given the ongoing probes by congressional panels and U.S. Justice Department’s special counsel into Russian attempts to sway the 2016 presidential election. In the rates markets, U.S. Treasury yields rose on Tuesday ahead ofWednesday’s conclusion of the Fed’s July monetary policy meeting, with investors waiting for hints concerning the timing of the beginning of the Fed’s balance sheet reduction and the next interest rate hike. On the data front, focus today is on the US Case-Shiller index for May and Conference Board consumer sentiment for July, while, in the euro area, German Ifo business climate for July will likely take centre stage.
GREECE: The Hellenic Republic announced yesterday an invitation to holders of its outstanding 4.75 percent notes due 2019 for purchase for cash at a cash purchase price equal to 102.6 percent of the nominal amount of such existing notes. Additionally, it announced its intention to offer new euro-denominated fixed rate notes due 2022 for cash. According to the balance of travel services released yesterday by the Bank of Greece, in May 2017 travel arrivals amounted to almost 2 million (+1.5%YoY) while travel receipts excl. cruises reached €1.036 million (+1.6%YoY) and receipts from cruises were €58 million (+4.4%YoY).
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets trod water earlier on Tuesday, as caution prevailed ahead of the FOMC meeting announcement tomorrow.
Viewers can log herebelow and read the full report: Daily Overview July 25 2017