Greece remains the main focus for today, as it reaches an agreement on a five-year austerity plan with EU–IMF inspectors
City Index June 24, 2011 7:10 PM
<p>Oil prices fall as IEA raises supply Greece has reached an agreement with EU-IMF inspectors on five-year austerity plans. Newspaper headlines late in New York […]</p>
Greece has reached an agreement with EU-IMF inspectors on five-year austerity plans. Newspaper headlines late in New York sent EUR/USD 150 pips higher but the austerity plan still needs to go through parliamentary voting, expected on June 29-30. Elsewhere, oil dropped by as much as $5 overnight after the IEA agreed to release 60 million barrels in the coming month to offset Libyan supply disruptions. In Australia, RBA’s Lowe says the central scenario is for stronger growth; a rate rise might be needed if the central scenario does happen. The Chinese Yuan is today fixed six pips higher at 6.4742, as compared to yesterday’s fix of 6.4736.
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