Daily Afternoon Report 08/07/2015
The dollar remained broadly lower against a basket of other major currencies today, amid fresh hopes for a solution to Greece’s debt crisis after eurozone officials gave the country until Thursday to present new proposals to secure a deal with creditors.
The Greek government is to present a formal application later today for a new rescue package from the European Stability Mechanism, the euro zone’s permanent bailout fund. If an agreement cannot be reached in time, European Union leaders will hold an emergency summit in Brussels on Sunday to discuss how to contain the fallout from a Greek exit from the eurozone.
Elsewhere, Industry data earlier showed that U.K. house prices rose 1.7% last month, beating expectations for an uptick of 0.2%. House prices rose by 0.3% in May, whose figure was revised from a previously estimated fall of 0.1%.
In Canada, data today showed that building permits dropped by 14.5% in May, compared to expectations for a 5.0% decline. Building permits increased by 12.1% in April, whose figure was revised from a previously estimated 11.6% gain.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.14% at 96.75, not far from Tuesday’s one-month peak of 97.45.