Daily Market Report - 26/06/2015

Yesterday's euro group meetings again brought no fresh news on Greece ahead of a pivotal weekend for the Eurozone, they have just five days left of their current bailout programme with a default beckoning unless this cash for reform deal can be struck. 

Prime Minister Alexis Tsipras failed to reach a deal with Greece's lenders, then a meeting of European finance ministers broke up without progress where German Chancellor Angela Merkel warned talks were going nowhere. Merkel said at a Euro Zone finance ministers' meeting on Saturday would be decisive for finding a solution to Greece's debt crisis and that no extra funds are available beyond what was left in its second bailout program at this stage. 

She deflected a question about whether finance ministers would discuss a Plan B to cope with the fallout of a Greek default and limit the damage to other euro zone countries if there was no deal on Saturday, saying she would not engage in speculation and wanted a successful agreement.

The only major data release for the US was slightly disappointing, with the weekly unemployment claims increasing by 3,000 applicants but still remaining at positive levels and in line with forecasts. This data did little to move the dollar yesterday.

Key Announcements

15:15 - GBP - BoE Govenor Mark Carney makes a speech