EUR-USD has continued to trade in a narrow range around 1.1200. Merkel said that Saturday’s Eurogroup meeting will be decisive, suggesting that the era of kicking the can down the road is over. Greece’s current bailout agreement runs out on Tuesday, and IMF repayments will be due. Monday could be a volatile day in markets. USD-JPY firmed to near 123.50, up from the Tokyo low at 123.22, which is the lowest level seen in four days. The pair still remained about 10 pips down on yesterday’s close at the time of writing. EUR-JPY saw a similar price action.
[EUR, USD]