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Crude draw provides short-term price support

Published Friday, May 29th, 2015

Conflicting reports over Greece’s debt talks made for an uneasy session on global stock indices yesterday with losses registered across the board as hopes for a comprehensive solution still appeared a long way off. Greek officials continued to put on a brave face and boldly claimed that an agreement would be reached by this Sunday. However, this optimism was quickly countered by tough talk from creditors as the IMF dismissed the likelihood of a deal within the next few days and remarks from Christine Lagarde that a “Grexit” was a possibility did little to assuage investor uncertainty.

Tensions surrounding the prospect of a looming Greek default failed to take the shine off the single-currency which added 0.4% against the dollar after a leading indicator of eurozone economic morale was seen stabilising in May. The dollar failed to get a lift from positive US macro datasets with figures showing US existing home sales rising to a nine-year high in April and jobless claims data pointing to an ongoing strengthening of the US labour market only having a muted impact. Pre-weekend currency movements and broader investor sentiment looks set to be dominated by a second estimate of US 1Q GDP due later today in which a preliminary reading of +0.2% is expected to be slashed into contraction territory.

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Posted by David Hufton