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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

2015-05-06 06:54:00
Ilya Spivak, Head Strategist, APAC
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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.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Average Hourly Earnings (1Q)

0.2%

0.9%

0.4%

22:45

NZD

Unemployment Rate (1Q)

5.8%

5.5%

5.8%

22:45

NZD

Employment Change (QoQ) (1Q)

0.7%

0.8%

1.2%

22:45

NZD

Employment Change (YoY) (1Q)

3.2%

3.3%

3.6%

22:45

NZD

Participation Rate (1Q)

69.6%

69.4%

69.4%

22:45

NZD

Private Wages Ex Overtime (QoQ) (1Q)

0.3%

0.4%

0.5%

22:45

NZD

Private Wages Incl Overtime (QoQ) (1Q)

0.3%

0.4%

0.5%

1:00

AUD

HIA New Home Sales (MoM) (MAR)

4.4%

-

1.1%

1:30

AUD

Retail Sales (MoM) (MAR)

0.3%

0.4%

0.7%

1:30

AUD

Retail Sales Ex Inflation (QoQ) (1Q)

0.7%

0.8%

1.2%

1:45

CNY

HSBC Composite PMI (APR)

51.3

-

51.8

1:45

CNY

HSBC Services PMI (APR)

52.9

-

52.3

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

-

EUR

ECB Meeting to Review Greece ELA

-

-

High

7:45

EUR

Markit/ADACI Italy Services PMI (APR)

52

51.6

Low

7:45

EUR

Markit/ADACI Italy Composite PMI (APR)

52.7

52.4

Low

7:50

EUR

Markit France Services PMI (APR F)

50.8

50.8

Low

7:50

EUR

Markit France Composite PMI (APR F)

50.4

50.2

Low

7:55

EUR

Markit Germany Services PMI (APR F)

54.4

54.4

Medium

7:55

EUR

Markit/BME Germany Composite PMI (APR F)

54.2

54.2

Medium

8:00

EUR

Markit Eurozone Services PMI (APR F)

53.7

53.7

Medium

8:00

EUR

Markit Eurozone Composite PMI (APR F)

53.5

53.5

Medium

8:30

GBP

Official Reserves Changes ($) (APR)

-

-924M

Low

9:00

EUR

Greece Sells €875M in 6-mo Bills

-

-

High

9:00

EUR

Retail Sales (MoM) (MAR)

-0.7%

-0.2%

Low

9:00

EUR

Retail Sales (YoY) (MAR)

2.4%

3.0%

Medium

8:30

GBP

Markit/CIPS UK Services PMI (APR)

58.5

58.9

Medium

8:30

GBP

Markit/CIPS UK Composite PMI (APR)

58.1

58.8

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0844

1.1001

1.1093

1.1158

1.1250

1.1315

1.1472

GBPUSD

1.4905

1.5034

1.5108

1.5163

1.5237

1.5292

1.5421

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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