The People Bank of China: Interest Rate Cuts and Lower Reserve Requirement Ratios

Breaking news from Beijing, China's central bank has announced the fourth recent round of interest cuts and lower reserve requirement ratios for small businesses, making small business owners and investors happier, as Beijing tries to shore up the country's sluggish economy.

As reported by Reuters, The People's Bank of China said Saturday that it would cut the rate on a one-year loan by commercial banks by 0.25 percentage point to 4.85 percent. The interest rate paid on a one-year deposit was lowered by 0.25 point to 2 percent.

Paul Krugman says he would vote "no" on Greece's upcoming referendum

Response the Greek referendum, Paul Krugman says "I would vote no, for two reasons."

The eurozone economic is on huge disaster, Nobel-winning economist Paul Krugman says he would vote "no" on Greece's upcoming referendum on whether to accept the terms of a bailout put to it by its creditors. 

As reported from the newyork times Paul Krugman personal blog, Krugman explains that he would vote no because: one, because leaving the euro would be better than continuing the same program that has been in place for the last 5 years; and two, because voting yes on the referendum would essentially be a vote to replace Greece's Syriza government. 

Athens governor winner party, Syriza, led by current Greek prime minister Alexis Tsipras, campaigning on a platform of rejecting austerity measures imposed by Greece's creditors. But now the conditions and future of Greek is

Greece local newspaper: financial activity in the country grinds to a halt, stocks market and banking too

Emergency condition is happening in Greek, It looks like Greece's stock market is going to be closed for a week. as reported by Greek local newspaper Kathimerini in English version the Athens Stock Exchange is going to be closed for a week. 

Greek local newspaper Kathimerini reports that, "The Capital Market Commission is expected to announce in the early hours of Monday the closure of the Greek stock exchange for at least a week, as financial activity in the country grinds to a halt."

Many Greek local Banks were already to be closed for a week. As a result, Greek local newspaper Kathimerini reports, the closure of banks will limit the ability to process transactions on exchanges, and so it is unlikely that stock markets will re-open until the banks do. Greek stock market remain lower

As reported before on Sunday night, Greece has sought a short bailout extension, as the country's current program is set to expire on Tuesday while Greece has called for a referendum on the matter for July 5.

USD/JPY Forecast: Yen soars as US Retail Sales miss

Yen soars as US Retail Sales miss. The USD/JPY pair extended its pullback after being as high as 123.72 earlier this week, weighed by poor US Retail Sales data. The big miss helped the Japanese yen to resume its advance, and the USD/JPY now struggles around the 123.00 level. Technically, the 1 hour chart shows that the 100 and 200 SMAs stand well below the current price, with the largest offering a dynamic support in the 122.45 region,whilst the technical indicators head sharply lower in negative territory. In the 4 hours chart, the technical indicators have also turned strongly lower from overbought levels, but so far remain above their mid-lines, suggesting the bearish movement could be just corrective. Nevertheless, renewed selling pressure below 122.90 should lead to a test of the mentioned 122.45 level, while below this last, the slide can extend down to 122.00. To the upside, 123.30 is key, as selling interest should surge around the level, to maintain the bearish tone in place.

Support levels: 122.90 122.45 122.00

Resistance levels: 123.30 123.70 124.10 

Source:    www.fxstreet.com