Daily Update - 30th May 2017
Draghi stressed the need for further monetary support, as despite the downside risks to the economic outlook have been diminishing, it's too early to retrieve it. The major issue, according to ECB's head is that underlying inflation has remained subdued as well as wage growth, insufficient to support a durable and self-sustaining convergence of inflation toward the medium-term objective. Adding to Euros woes was the report on a German newspaper which mentioned that Greece is threatening to opt out of next payment without a debt deal if creditors cannot agree on debt relief at the next European council meeting. Greece issued a ‘panic warning’ on Monday that it could be thrown deeper into recession if the debt deal is blocked at next talks to be held on June 15. A busy day in the market as data from Euro zone and USD will flood in. First up will be Service Sentiment from Euro zone which measures business sentiment in the services sector. This will be followed by Consumer Confidence which measures the level of consumer confidence in economic activity. This will be followed Business Climate survey which is designed to deliver a clear and timely assessment of the cyclical situation within the euro area. The focus then shifts to US where Personal Spending, Personal Income & Dallas Fed Manufacturing Index will be released.Yesterday Market
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