HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: During his testimony before the Senate Banking Committee, Fed Chair Jerome Powell sounded optimistic on the US growth outlook and reiterated that the FOMC believes that “for now the best way forward is to keep gradually raising the federal funds rate”. In reaction to the Fed Chair’s comments, the USD gained across the board and US Treasury yields rose. Elsewhere, the GBP came under pressure weighed down by increased Brexit-related uncertainty after UK PM Theresa May narrowly avoided a defeat in parliament from pro-EU MPs in her own party on an amendment to the Trade Bill. Today, the Fed Chair will deliver the second leg of his testimony before the House Financial Services Committee. The Fed’s latest Beige Book will also be released today along with US June housing starts and permits while in the UK we expect June’s CPI reading.
GREECE: The EU – Japan economic partnership agreement is expected to significantly boost jobs and exports in Greece. According to EU data, 497 Greek companies export to Japan and 2,981 jobs in Greece will be supported by EU exports to Japan.
SOUTH EASTERN EUROPE
BULGARIA: The European Commission Vice President Mr. Dombrovskis said in an interview in the local media that Bulgaria could adopt the Euro no earlier than three years after ERM II entry.
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