After the release of North American employment figures (April) on Friday—below expectations for Canada (-20,000) and according to expectations in the U.S. (+ 223,000)—the attention of markets today will be focused on Greek problems. European finance ministers are meeting today to talk about the bailout plan that requires Greece to reimburse €750 million to the IMF tomorrow. The euro has fallen by almost 2.5% in the past two days against the greenback.
In Asia, we learned over the weekend that the People’s Bank of China lowered its one-year deposit rate for a 12-month term by 0.25% for the third time in six months because the economy seems to be having difficulty getting into gear again. Several pundits are expecting the Bank to adopt a very accommodative monetary policy in order to meet Premier Li Kequiang’s 7% growth objective.
There are no big economic indicators slated to be announced this morning, save for the Bank of England’s confirmation that it will keep its key rate at 0.5%.
