Greece on the Slippery Slope
The uncertainty surrounding Greece’s future in the Euro bloc continues to grapple investors, with the Euro suffering losses against the majors. Greece is facing a political and financial crisis after it announced that it will hold a referendum this weekend to decide on whether to accept the rescue funding offered by its international creditors.
On the macroeconomic front, data released this morning has revealed that Britain’s mortgage approvals fell unexpectedly for May and consumer credit grew at a slower than anticipated pace for the same month. Though developments in Greece are likely to influence market sentiment going forward, today’s Euro zone indices, German consumer price inflation and US pending home sales data will also attract modest market attention.