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Greece in Focus as ECB Mulls Funding Access, Government Sells Bills

Greece in Focus as ECB Mulls Funding Access, Government Sells Bills

Ilya Spivak,

Talking Points:

  • Euro Gains as ECB Mulls Greek Banks’ ELA Access, Athens Sells 6-mo Bills
  • New Zealand Dollar Slumps as Soft 1Q Jobs Data Fuels RBNZ Rate Cut Bets
  • See Economic Releases Directly on Your Charts with the DailyFX News App

All eyes will be on Greece in European trading hours. The beleaguered country will try to raise €875 million in a six-month bill sale ahead of a scheduled payment of €1.4 billion in maturing paper on Thursday. Meanwhile, the ECB Governing Council will meet to discuss Greek banks’ continued access to Emergency Liquidity Assistance (ELA).

A jump in borrowing costs at the auction and/or a tightening of ECB requirements for tapping ECB funding may fuel fears of an imminent Greek cash crunch, weighing on the Euro. The markets seem relatively sanguine however, with the single currency broadly higher against the majors ahead of the event risk. Investors’ optimism may reflect the relatively low probability of major changes in the status quo ahead next week’s pivotal Eurogroup meeting, particularly from a central bank wanting to project an apolitical posture.

The New Zealand Dollar underperformed in overnight trade, falling as much as 1.3 percent on average against its leading counterparts. The move followed an underwhelming set of first-quarter Employment figures. The report revealed a quarterly jobs increase of 0.7 percent compared with economists’ expectations of a 0.8 percent gain. The unemployment rate printed at 5.8 percent, disappointing bets on a drop to 5.5 percent. The Kiwi’s slide tracked a drop in front-end bond yields, hinting the figures fueled RBNZ rate cut speculation.


Asia Session

22:45NZDAverage Hourly Earnings (1Q)0.2%0.9%0.4%
22:45NZDUnemployment Rate (1Q)5.8%5.5%5.8%
22:45NZDEmployment Change (QoQ) (1Q)0.7%0.8%1.2%
22:45NZDEmployment Change (YoY) (1Q)3.2%3.3%3.6%
22:45NZDParticipation Rate (1Q)69.6%69.4%69.4%
22:45NZDPrivate Wages Ex Overtime (QoQ) (1Q)0.3%0.4%0.5%
22:45NZDPrivate Wages Incl Overtime (QoQ) (1Q)0.3%0.4%0.5%
1:00AUDHIA New Home Sales (MoM) (MAR)4.4%-1.1%
1:30AUDRetail Sales (MoM) (MAR)0.3%0.4%0.7%
1:30AUDRetail Sales Ex Inflation (QoQ) (1Q)0.7%0.8%1.2%
1:45CNYHSBC Composite PMI (APR)51.3-51.8
1:45CNYHSBC Services PMI (APR)52.9-52.3

European Session

-EURECB Meeting to Review Greece ELA--High
7:45EURMarkit/ADACI Italy Services PMI (APR)5251.6Low
7:45EURMarkit/ADACI Italy Composite PMI (APR)52.752.4Low
7:50EURMarkit France Services PMI (APR F)50.850.8Low
7:50EURMarkit France Composite PMI (APR F)50.450.2Low
7:55EURMarkit Germany Services PMI (APR F)54.454.4Medium
7:55EURMarkit/BME Germany Composite PMI (APR F)54.254.2Medium
8:00EURMarkit Eurozone Services PMI (APR F)53.753.7Medium
8:00EURMarkit Eurozone Composite PMI (APR F)53.553.5Medium
8:30GBPOfficial Reserves Changes ($) (APR)--924MLow
9:00EURGreece Sells €875M in 6-mo Bills--High
9:00EURRetail Sales (MoM) (MAR)-0.7%-0.2%Low
9:00EURRetail Sales (YoY) (MAR)2.4%3.0%Medium
8:30GBPMarkit/CIPS UK Services PMI (APR)58.558.9Medium
8:30GBPMarkit/CIPS UK Composite PMI (APR)58.158.8Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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