Forex Weekly Round Up 29 June 2015 – 3 July 2015

Greek PM Alexis Tsipras has urged voters to reject creditors’ demands in a snap referendum on Greece’s debt crisis due on Sunday. Tsipras said a clear vote against austerity would help Greece negotiate a better settlement to the crisis.

Greece missed a repayment worth around 1.5 billion euros that was due to the International Monetary Fund on Tuesday, making it the first advanced nation to ever default on a debt to the global financial stability agency.

The Greek finance minister Yanis Varoufakis has said he will resign if the Greek people vote “yes” in Sunday’s referendum. But Varoufakis is confident the Greek people will vote “no” and not accept creditors’ demands. If he is wrong, he says the left-wing Syriza-led government will sign the agreement that was put to it last weekend.

The UK economy has grown faster than previously estimated in the first three months of the 2015. The Office for National Statistics said the economy grew by 0.4% in the quarter, compared with an earlier estimate of 0.3%. Growth was boosted by a better performance from the construction industry than previously estimated. Annual growth to March was also revised up to 2.9% from 2.5% previously.

The construction sector continued to shake-off pre-election uncertainty last month. The Markit UK Construction Purchasing Managers’ index rose to 58.1 in June, from 55.9 a month earlier, and the fastest increase since February.

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