FX Daily Update
The National Bank of Canada | Jul 13, 2015 08:56AM ET
A ‘Grexit’ Has Been Averted!
Surprise in Europe! After months of difficult negotiations, eurozone finance ministers and the Greek government seem to have found common ground! In order to obtain a €86 billion bailout package, Athens will have to implement radical and painful reforms, which Prime Minister Alexis Tsipras had opposed initially. This plan must still be approved by several European parliaments, however. In the interim, the short-term funding of Greek institutions remains problematic. This morning the euro is off slightly against the U.S. dollar and markets are up.
In Canada, the June Labour Force Survey released on Friday was solid, despite concerns about crude oil repercussions. Last month the Canadian economy was able to create approximately 65,000 full-time positions, most of them in Ontario and British Columbia. Since the start of the year, some 136,000 full-time positions have been created, which represents the best performance in the past three years. This could perhaps dampen rumours regarding a possible key rate cut by the Bank of Canada on Wednesday. This news also allowed the loonie to gain some points against the greenback.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.