WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: UK retail sales (in volume terms) surprised negatively in June falling 0.5%MoM after a 1.4%MoM increase in May, as temporary weather-related factors eased. In reaction to the above, the GBP came under renewed pressure hovering around 1.3000 against the USD earlier today, within distance from a fresh multi-month low of 1.2955 hit on Thursday. Rising UK political concerns also continued to weigh on the GBP. Meanwhile, the USD retained a firm tone across the board mainly supported by the continuing CNY decline amid ongoing trade tensions.
GREECE: In its Article IV Consultation for Euro Area Policies published yesterday, the IMF urged Greece to preserve and further expand labor market flexibility, to foster competition in the domestic service and product markets and to further improve the business environment.
SOUTH EASTERN EUROPE
SERBIA: The Minister of Finance Mr. Sinisa Malic said in a local media interview that next year’s budget will be drafted by mid-September before the arrival of a new IMF mission.
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