Another Greek Deadline
The Greek negotiations appear to be moving into the final stages as Eurogroup chairman Jean-Claude Juncker announced that a press conference is scheduled for 18.00CET on Thursday. While progress has clearly been made, negotiations remain tense and further complications to the deal have emerged. The ECB’s involvement in the debt swap remains a crucial element in the process and while we expect no major policy announcements in today’s meeting, Draghi’s press conference may provide new information on the ECB’s official stance. The timing of Juncker’s announcement suggests that the major announcements may come after the ECB meeting however. Elsewhere, the BoE is expected to extend its asset purchase program with consensus estimates of £50 bn. Our UK economist is in line with consensus but stresses downside risks to that assessment given the moderation in data and gilt market imbalance concerns. Overnight EURUSD traded in a range 1.3221-1.3285, USDJPY 76.80-77.08.
Click here to read the full report: UBS Morning Adviser Asia
UBS Investment Bank