Greece Hours Away to Default

Greece Hours Away to Default

QUOTE: Ideas pull the trigger, but instinct loads the gun.

MARKET PULSE:

· Greece hours away from defaulting on a 1.6 billion euro loan from the International Monetary Fund

· S&P lowers Greek sovereign rating to CCC- from CCC

· Athens stock exchange was closed like the banks, but other financial markets fell on fears that Greece could be heading out of the euro
· Tsipras asks Eurozone leaders to reconsider decision not to grant bailout extension
· BOC’s Poloz says January rate cut was controversial; Says oil shock was a bigger concern than household debt
. Merkel says Germany is still open to negotiations if Greece wants; Is open to further talks after aid program expires

INDIAN INR:

Markets

· Indian Rupee is trading at 63.776 per USD, as against previous closing level of 63.708

· USDINR pivot point at 63.769

· USDINR support levels seen at 63.744, 63.729 and resistance at 63.794, 63.803

Factors

· India Leading stock index Sensex trading up by 0.07% at 27,664.67, after plunging over 400 points yesterday

· Finance secy says Markets not reacting very kindly to Greece problem but Expects things to settle down in a day or 2 on Greece

. Greece hours away from defaulting on a 1.6 billion euro loan from the International Monetary Fund

FOREIGN EXCHANGE:

Markets

· USD Index at 95.34 vs 94.95

· USD JPY at 122.33 vs 122.54

· EUR stood at $ 1.1190 up from $ 1.1236

Factors

· Greece hours away from defaulting on a 1.6 billion euro loan from the International Monetary Fund

· S&P lowers Greek sovereign rating to CCC- from CCC

· UK’s Cameron says a Greek referendum No vote would make Grexit hard to avoid

Markets

· Spot Gold trading at $1175.86

· Silver spot was at $15.64

Factors

· Gold and silver are up on safe-haven buying after Greece called a referendum.

. Govt source says Indian Govt prepared draft Cabinet note on gold monetization plan and mooted gold use for banks’ CRR under monetization plan to launch gold monetization plan by Aug.

. Greece hours away from defaulting on a 1.6 billion euro loan from the International Monetary Fund

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