Greek crisis fears roil FX markets

Greek crisis fears roil FX markets



8 липня 2015 года
ICU

In reaction to the release of the latest developments of the Greek debt crisis, global FX market players engaged in a flight to safety as they sold riskier currencies, including the euro, in exchange for US dollars. China's collapsing stock market appeared to eclipse the Greek crisis, reminding investors that China's overly indebted and deflationary economy is struggling in its transition from a high level of investment (long supported by bank credit) to a more rational level of consumption, which has been low by international standards. Also, the crude oil price decline (WTI was down 12.01%, Brent was down 7.99% during a week) had a negative impact on currencies of commodity-based economies, namely Russian, and the Russian ruble declined 2.47% cumulatively over the past several days. The euro declined 0.41% thanks after the Greek delegation flew to Brussels to attend an emergency meeting with Eurozone finance ministers that yielded no solid results so far. Per a FT report, Greece's new finance minister arrived and vaguely indicated that new formal proposals to creditors are still being formulated. Overall, the US dollar index was up a sharp 0.59%. The hryvnia's trade-weighted value declined down 0.56% as the nominal market FX rate moved down by just 0.67%.

Источник: ICU

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