Daily Market Report - 04/01/2016

EUR
Over the weekend Greek Prime Minister Alexis Tsipras said he will not give in to “unreasonable” demands as he braces for negotiations with creditors over pension cuts. Tsipras is aiming to pass the bill through parliament by January 15.
The pension reforms form part of an €86bn (£63bn) bailout package agreed to in August, of which €16bn has been unlocked so far. Tsipras faces a tough challenge in satisfying creditors without angering voters and his MPs, who command a small majority in parliament.
Greek central bank boss Yannis Stournaras yesterday warned that failure to reach an agreement “entails large risks, difficult for the economy to withstand this time.”

Key Announcements
09:30 – GBP – Manufacturing PMI is forecast to increase to 52.8
15:00 – USD – ISM manufacturing is forecast to increase to 49.1