Current Sentiment

In Asia, Japanese Preliminary GDP posted slightly better than forecast for the quarter, however still contracted printing at -0.4%. As expected there was very little reaction from the JPY.

Heading into the week we are seeing the yuan’s effect on regional currencies start to fade as the Chinese central bank has said the yuan shouldn’t weaken further. The People’s Bank of China augmented its remarks Thursday by benchmarking the yuan marginally stronger Friday and Monday. Finance ministers from the Eurozone met in Brussels on Friday and as expected gave their approval to lending Greece up to €85.5 billion after the parliament in Athens agreed to strict conditions. While there are still a few issues to be ironed out, the market should be content to let the issue stay in the background and get back to the fundamental picture.

This week will be big one with inflation data from the UK, US, and Canada, as well as the release of the FOMC Meeting Minutes.

Today’s London session is very light on data with only Swiss Retail Sales, Eurozone Trade Balance, and the German Buba Monthly Report.

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Source:: Current Sentiment

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