EUR
The ECB have rejected Greece’s proposals for the Athens Stock Exchange to
reopen on Monday, with no restrictions being implemented for both Greek and
foreign traders.

The headline IFO Business Climate Index came in at 108 points for July, above
the 107.4 booked in June. This did give a deal of confidence in the EUR, when
June saw the index hit its first major decline after rising for several months.
The IFO Expectations Index came in at 102.4 which is also an improvement from

EUR
The ECB have rejected Greece’s proposals for the Athens Stock Exchange to
reopen on Monday, with no restrictions being implemented for both Greek and
foreign traders.

The headline IFO Business Climate Index came in at 108 points for July, above
the 107.4 booked in June. This did give a deal of confidence in the EUR, when
June saw the index hit its first major decline after rising for several months.
The IFO Expectations Index came in at 102.4 which is also an improvement from
the previous reading of 102.1 seen in June.

GBP
The only piece of data concerning the pound yesterday was the release of the
CBI Industrial Trends Survey, where order books at British Manufacturers shrunk
to the lowest level in two years in July. This has been due to the recent
strength of the pound proving too costly for importers of UK
goods, economic uncertainty in the Eurozone is also dampening
expectations. Companies responding to the survey also reported a sharp drop in
their perceived competitiveness with the rest of Europe, most likely reflecting
the movement of the pound in recent months.

USD
Orders to U.S. factories for big-ticket manufactured goods posted a sizable
gain in June, but the advance was fueled by higher demand for commercial
aircraft. Orders for durable goods jumped 3.4% in June from May, when orders
had fallen 2.1%, the Commerce Department reported Monday. The gain was the best
result since March. However, the jump was driven by aircraft orders booked by
Boeing at the Paris Air show.

Although the figure is slightly skewed, this has been seen as a positive with
the readings coming in negative for two consecutive months. Taking away
transportation, there was an improvement with the reading showing 0.8% against
a 0.5% consensus. U.S. manufacturers have struggled this year from the effects
of a strong dollar and a plunge in energy prices. The higher value of the
dollar against foreign currencies makes U.S. goods more expensive and less
competitive in major export markets most notably Europe, while the lower oil
prices have led energy companies to scale back investment plans.

 Key
Announcements

GBP – 09:30 :UK Gross Domestic Product (YoY)
– expected to decrease to 2.6% from 2.9% previous