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v Nominal
consumption in US records the strongest monthly increase since 2009
v Initial
jobless claims rose marginally to 271,000
v Negotiations
between Greece and its creditors remain deadlocked
v Malaysia's
unemployment rate holds steady
v South
Korean plans US$13.5 billion stimulus package to counter the outbreak of MERS
v Both
Taiwan and Philippine central bank leave their key interest rate unchanged
|
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OVERNIGHT MARKET
UPDATE:
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·
Nominal consumption in US rose 0.9% m/m in May, the strongest
monthly increase since 2009. A modest rise in personal incomes saw the saving
rate ease to 5.1% from 5.4% in April.
·
Initial jobless claims rose marginally to 271,000. But overall,
jobless claims remain at low levels which are consistent with further declines
in the unemployment rate and solid growth in non-farm payrolls.
·
The Kansas City Fed manufacturing survey rose to -9 in June
following the reading of -13 in May. The index covers production, new orders,
employment, supplier delivery time, and raw materials costs.
·
Greece’s creditors believe the Greek proposals are overly
reliant on tax increases and not enough on cost reduction. Creditors are
demanding that Athens implements in full the 2010 pension reform law. From 1
July 2015, authorities must phase in reforms to save 0.25-0.5% of GDP this year
and 1% from 2016 onwards.
·
The currency markets remain relatively upbeat. The USD was
supported on the strong spending data. The EUR ignored a flotilla of Greek
headlines, and CHF did a round trip on SNB commentary.
·
Strong US consumption data eclipsed Greek concerns, with US
10-year Treasury yields rising for the third time in four
days.
·
The moves in US bourses have been modest, with the S&P 500,
the Nasdaq and the DJIA down between 0.2% and
0.4%.
·
Oil prices fell, with negative sentiment stemming from ample US
crude inventory and record production weighed on investors. Price volatility
slipped to the lowest in the past seven months. The EIA bimonthly report said
reduced contango in Brent futures supported its view that the largest inventory
builds of 2015 have already
occurred.
Gold eased for the fifth straight session as traders were waiting for
further news on Greece's negotiations with its creditors. Caution over the metal's
longer-term outlook also weighed on interest of traders.|
INDICATIVE MAJOR CURRENCIES
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