EU/IMF Pledge Support To Greece In Exchange For Austerity Measures Snap-Sho

G10 Advancers and Decliners vs USD

SEK 0.57 NOK 0.50 AUD 0.38 DKK 0.32 EUR 0.31 NZD 0.27 CAD 0.14 GBP 0.04 JPY -0.01 CHF -0.03

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Nikkei 225 Index 9'678.71 + 0.85 Hang Seng Index 22'151.68 + 1.80 Shanghai Index 2'751.36 + 2.35 FTSE 100 Index 5'674.38 - 1.71 DAX Index 7'149.44 - 1.77 SMI Index 5'991.09 - 2.00 S&P future 1'282.90 + 0.46

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Todays calender Estimates Previous Country / GMT

Germany: IFO business climate, index Jun 113.4 114.2 EUR/08:00 Germany: IFO current assessment, index Jun 120.8 121.4 EUR/08:00 Germany: IFO business expectations, index Jun 106.3 107.4 EUR/08:00 Real GDP, % q/q saar Q1-3rd 1.9 1.8 USD/12:30 Durable goods orders, % m/m May 1.5 -3.6 USD/12:30

EURUSD  R 2: 1.4440  R 1: 1.4275  CURRENT: 1.4240 S 1: 1.4130  S 2: 1.4070 GBPUSD  R 2: 1.6065  R 1: 1.6030  CURRENT: 1.5990 S 1: 1.5935  S 2: 1.5825 USDJPY  R 2: 81.30  R 1: 81.05  CURRENT: 80.50 S 1: 80.00  S 2: 79.70 AUDUSD  R 2: 1.0650  R 1: 1.0550  CURRENT: 1.0520 S 1: 1.0440  S 2: 1.0390

Market Brief

EU leaders pledged to stabilize the EU economy, vowing to help avoid Greek default as long as austerity measures in Greece are passed next week. This has given a ray of hope to markets that there could be support coming in for Greece and that the austerity measures could be passed worth 78 Billion Euro. Greek PM Papandreou offered an assurance that he would deliver the budget cuts demanded in exchange for the 12 billion-euro installment of emergency loans due in July and a new rescue package The EU economic summit ends today with leaders facing a potential last- minute hitch over the final approval of Draghi as president of the ECB with France putting pressure on Bini Smaghi, to step down two years before his term ends to make way for a French replacement. The EURUSD is set for a third weekly decline after it moved to lows of 1.4127 yesterday before the EU summit concludes today on financing needs for Greece. report due today is expected to show business confidence in Germany dropped which has kept the Euro weak against most currencies while Dollar remains supported backed by risk-aversion as jobless claims increased 15,000. USDJPY moved up to highs of 80.61 before data to show durable goods orders rose, AUDUSD rebounded to trade at a high of 1.0555 on expectations that Greece will pass cuts in order to receive bailout fund, thus giving boost to high-yield currencies.  Asian equity markets and currencies rallied earlier this morning as the Chinese central bank will refrain from raising rates after the PM said efforts to stem inflation have worked. Drop in commodity prices have eased inflationary pressures which could boost investor confidence that tightening measures will ease. The Nikkei traded 0.85% up, Topix moved up 0.93%, Hang Seng moved up 1.64% and the Shanghai Composite jumped 2.6%, biggest gain since Dec. 13. German IFO business confidence, SNB quarterly bulletin, US durable goods orders, GDP figures, and BOE’s King’s speech form today’s calendar. Focus will still be on today’s final day of EU economic summit which could provide more headwinds into the Greek issue.