- Yesterday, after 18 days of tense negotiations, US President Borrack Obama achieved a historic deal between with Iran and the West to reduce their nuclear building capabilities, in exchange for removing oil sanctions. The price of oil had been falling in anticipation of the delay but bounced higher as it was confirmed, as traders booked profits.
- The International Monetary Fund (IMF) has cast doubt on Greek bailout, after estimating
it could take up to 30 years of debt relief before it can achieve growth. This is a strong hint from the IMF that is not willing to agree on the latest proposal and walk away from the bailout deal.
- BoE Governor Mark Carney hinted rate rises are getting closer which saw GBP crosses rally above the board.
- US Retail sales completely missed expectations, seeing a contraction on both core and retail m/m and coming in at 5 and 4 month lows, respectively.
- European ZEW Survey dipped which, in light of recent Greek turmoil, is not much of a surprise. EURGBP closed the session at the low of the day fuelled by combination of Hawkish comments from Carney and further concerns over the Greek deal.
NYLON HANDOVER: IMF cast doubt on Greek deal
A visual market snapshot and summary of events from the New York / London session on 14th July.