Market Roundup
- Eurozone summit possible on Sunday to back plan for Greece-(Sources)
- Irish fin min sees acceptance for reprofiling of Greek debt
- Obama agreed with Merkel on need for durable deal with Greece (MNSI)
- Greece plans new application to the ESM for financial aid (Germany’s Handelsblatt)
- Greece may submit new aid proposal Wednesday
- New Greek proposal improves on last week’s offer (Greek official)
- Eurogroup’s Dijsselbloem says will do whatever it takes to strengthen EZ, keep it together
- Greece’s Tsipras to meet Merkel & Hollande before EU Summit
- Finland’s Stubb says EZ not looking at bridge finance for Greeks at this stage
- ECB’s Rimsevics says introduction of another currency in Greece is most realistic scenario
- UK’s NIESR estimates economy grew 0.7 pct in Q2, expects BOE to begin rate hikes in early ’16
- Canada’s Oliver says Canada in a fragile econ environment, getting repeated evidence of that
- US JOLTS Job Openings May +5.363m, f/c 5.350m, +5.334m-prev
- CA Trade Balance CAD May -3.34b, f/c -2.50b, -2.99b-prev
- BR IGP-DI Inflation Index* Jun 0.68%, f/c 0.71%, 0.40%-prev
- MX Cons Confidence Jun 94.7, 92-prev, hits 7-mos high on rising consumer demand
Looking Ahead – Economic Data (GMT)
- 23:50 JP Bank Lending YY Jun 2.60%-prev
- 23:50 JP Current Account NSA JPY May f/c 1542.0b, 1326.4b-prev
- 05:00 JP Economy Watchers Poll Jun 53.3-prev
- 22:00 NZ Govt Optg Balance May 180.70%-prev
- 22:00 NZ Govt. Monthly Debt May 27.00%-prev
Looking Ahead – Events, Other Releases (GMT)
No Significant Events
Currency Summaries
EUR/USD
EUR/USD is supported below 1.0915 levels and currently trading at 1.1035 levels. It has made session high at 1.1050 and low at 1.0915 levels. The euro fell to five week low against the dollar in early US session, US Trade Balance (May) came slightly better at -41.87B against -42.60B, JOLTs Job Openings (May) printed 5.363M actual against 5.350M forecast. In the late US session Euro rallied towards 1.1050 levels due to speculation of Greece reaching a deal soon. The pair is retreating back towards 1.0915 support level. To the upside, immediate resistance can be seen at 1.1050. To the downside, support levels are located 1.1000, 1.0915. The pair fell almost 130 pips today and the bearish sentiment for this pair is set to continue further towards 1.0890 level.
GBP/USD
GBP/USD is supported below 1.5410 levels. It made an intraday high at 1.5461 and low at 1.5410 levels. Pair is currently trading at 1.5461 levels. British Pound has fell massively after poor manufacturing production was released, The GBP hit one-month low against the safe haven strengthened U.S. dollar. The pairs fall was also influenced by lingering Greek issues and Chinese equity volatility. Today George Osborne, will present a new budget, during the European session. Traders expect Osborne to cut welfare spend by GBP 12b. The pair is trading below 50 SMA, the pair is set to continue its bearish momentum towards 1.5400 and later towards 1.5350. Immediate resistance can be found at 1. the downside immediate support lies at 1.5410.
AUD/USD
AUD/USD is supported below 0.7397 levels and is trading at 0.7442 levels. It made session high at 0.7475 levels and low at 0.7397 levels. The Reserve Bank of Australia held interest rates at record lows, by holding the cash rate at 2%. The Aussie dollar is surrounded by uncertainty in Greece and China. The Aussie dollar is also been dragged by falling iron ore prices which has fallen below $50 per metric tons. Due to various uncertainties attached to this pair, it is set to continue its bearish momentum in the short term. To the upside immediate resistance can be seen at 0.7465 level, to the downside immediate support can be seen at 0.7395.
USDCHF
USDCHF is supported above 0.9432 levels and is trading at 0.9468 levels. it made session low at 0.9430 and high at 0.9477 levels. The pair hit one month high after it peaked towards 0.9510 level. The pair is currently trading at 0.9467 level. Greek drama remains unresolved, rumors are spreading about Greece that note, the Eurozone negotiating a short term deal on Greece by Sunday. Talks with Greece is taking center stage with creditors waiting for new proposal from Greece government. The pair is expected to advance further to higher levels. To the upside immediate resistance can be found at 0. the downside immediate support lies at 0.9430.
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