Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Major currency pairs were little changed on the day with the USD retaining recent gains ahead of today’s US non-farm payrolls data for the month of August. Market consensus is for an unchanged unemployment rate at 4.3% and a 160k increase in the headline from 200k in the prior month. Weaker than expected data have the potential to push the USD lower while any upside surprise is likely to exert limited positive impact on the US currency amid lingering political jitters.
GREECE: As of today, the ministerial decision (government gazette, 3 August 2017, issue B’ 2723) for the further relaxation of capital controls comes into effect. According to the Hellenic Statistical Authority, the seasonally adjusted overall volume index in retail trade in June 2017 rose 2.5%MoM.
SOUTH EASTERN EUROPE
SERBIA: On the data front, final Q2 national accounts data confirmed that real GDP growth came in at 1.3%YoY, in line with the preliminary estimate.
CESEE MARKETS: Emerging market assets traded mostly in the black earlier on Friday, with the MSCI Emerging Markets index reaching a new 3-year high intraday.
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Daily Overview September 1 2017
