Fears are growing that Greece’s collective action clauses will be triggered in relation to the debt swap, due to inadequate subscription to the agreement. Bondholders may be forced to agree, meaning the haircuts will cease to be voluntary and ISDA will consequently decide this represents a credit event. These are the fears, but as yet there are several scenarios still on the table.
Today’s session brings some German factory orders data and an important US labour market indicator, whilst this evening brings the NZ interest rate decision.
STERLING/EURO: Sterling has dipped marginally below €1.20 but Greek nerves could bring this level back into view.
STERLING/US DOLLAR: Sterling is really suffering against the US dollar, which is benefitting from huge losses in global equities.
EURO/US DOLLAR: With $1.35 seemingly off the table, $1.30 is now very much attainable in this risk averse trading environment.
STERLING/AUSTRALIAN DOLLAR: A poor Australian GDP figure and more dovish comments from the RBA add more pain to the aussie dollar.
STERLING/NEW ZEALAND DOLLAR: The kiwi dollar actually strengthened last night as the market saw fit to take profit on its recent sell-off.
STERLING/CANADIAN DOLLAR: An excellent Canadian growth figure came in yesterday afternoon to give the loonie some support.
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