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Post NFP Volatility Limited, Markets Await Greece Referendum

Published 07/03/2015, 06:49 AM
Updated 03/09/2019, 08:30 AM

Dollar weakened mildly after yesterday's job report but loss is limited. The set of Non-farm payroll data was seen as mildly disappointing to economists. The expectations for two rate hike before the end of the year was cut down a lot. In particular, the lack of wage growth would give the Fed a lot more room to wage and see. Nonetheless, the expectations of a September hike maintained. Reactions in the financial markets were pretty mild too as traders await the result of referendum in Greece on Sunday. DJIA closed mildly lower by -27.8 pts, or -0.16% at 17730.11 while S&P 500 closed -0.64 pts, or -0.03% lower at 2076.78. Dollar index is staying near to the mid-point of recent range around 96. As US markets are on holiday today, the markets would stay cautious before the weekly close.

Regarding Greece, The IMF warned that Greece needs comprehensive debt relief and as much as an extra EUR 52b in additional bailout aids over the next three years. And, the country will remain vulnerable to economic and financial shocks with high debt ratio of 180% of GDP currently. And the projected ratio would only ease to 140% in 2022. Meanwhile, creditors might need to take a haircut equivalent to 30% of Greece's GDP. Regarding Sunday's referendum, GPO showed 47 people leaned towards a "yes" vote in Sunday's referendum, endorsing austerity and the international bailout. Meanwhile, 43% leaned towards a "no" vote, rejecting the bailout, which could eventually lead to exiting the Eurozone.

Elsewhere, Australia retail sales rose 0.3% mom in May versus expectation of 0.4% mom. China HSBC services PMI dropped to 51.8 in June versus expectation of 53.8. Eurozone will release retail sales and services PMI while UK will also release services PMI in European session.

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