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Iranian oil cargo has been set to sail

Published Friday, July 17th, 2015

Greece was welcomed back with open arms by European finance ministers and the ECB yesterday as they turned the liquidity pumps back on following the approval by lawmakers in Athens of their contentions bailout programme. The liquidity squeeze facing its stricken banks eased a touch after the ECB raised its funding provision by €900 million and there were even hints by Mario Draghi that debt relief would eventually be forthcoming. Finance ministers from across the EU also gave their support to the embattled nation after agreeing on a €7 billion bridging loan which will allow it to service its looming debt obligations and clear its missed repayments to the IMF.

Subsiding Greek debt jitters lifted the region’s stock indices to multi-week highs but the single-currency continued to perform poorly. This may have come from soft eurozone inflation data which revealed that the annual rate of growth in prices slowed in June to +0.2% from May’s +0.3%. Also weighing on the euro was a buoyant dollar index which leapt to a seven-week high on a recent hawkish outlook by the Fed’s Janet Yellen. Further lending support to the greenback may have been solid US jobless claims figures which ended a run of three weekly increases and a measure of confidence among US home builders which remained at its highest level since 2005. Add in a well-received batch of US corporate earnings reports and equities on Wall Street made healthy gains with the Nasdaq closing in virgin territory.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.