Daily Market Report - 06/07/2015

The Euro temporarily lost ground last night after 61.3 percent of Greeks voted “no” and to reject the austerity measures demanded by its international creditors during their referendum.

Prime Minister Alexis Tsipras has said Greeks made a "brave choice" as thousands celebrated in the streets after hearing the final result despite European officials warning that it could see the country ejected from the Eurozone.

Greece's governing Syriza party had campaigned for a "No", saying that the bailout terms were humiliating. Mr Tsipras said late on Sunday that the Greeks had proved that "democracy won't be blackmailed."

To further add to the turmoil, Greece's finance minister - who often clashed with creditors, resigned. Yanis Varoufakis wrote on his blog that he had been "made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my... 'absence' from its meetings".

On Friday a report revealed Britain's private-sector services grew more than expected last month, suggesting the economic recovery picked up going into the second half of the year.

The Markit/CIPS UK Services Purchasing Managers' Index (PMI) rose by 2 points in June to 58.5, topping all forecasts and combining with positive constructions figures painted an optimistic picture for the UK.

But it warned that the recovery looks increasingly unbalanced. Growth in British manufacturing declined to its lowest in more than two years last month, according to its survey on Wednesday. The latest services PMI makes it more likely the Bank of England will want to raise interest rates from a record low 0.5 percent later this year, Markit said.

Key Announcements

15:00 – USD – ISM Non-manufacturing PMI