EUR/USD opened in Asia at $1.3109 after slipping back from NY highs of $1.3184 on soft US housing data and comments from Juncker that the ECB wouldn’t accept losses on Greek debt which weighed on sentiment. Asian markets this morning saw some heavy selling of EUR/JPY and AUD/JPY into the Tokyo fix, which helped push EUR/USD down through $1.3080 stops to $1.3077 before a recovery back to $1.3119. USD/JPY continued to give backs gains from Wednesday’s highs, opening at Y77.47 and falling to Y77.27 on cross sales before returning towards opening levels. Another push then saw stops hit through Y77.25 to Y76.90 as traders booked profits ahead of the weekend. GBP drifted lower to $1.5661 from $1.5697, with the EUR/GBP adding weight on a rise to stg0.8364 from stg0.8344. EUR/CHF remained under pressure as traders continue to target the chf 1.2050 barrier, but held up in a tight chf1.2061-74 range. AUD/USD eased with the EUR from $1.0641 to $1.0592 before recovering to sit around $1.0610. Focus now is on whether the IIF/Greek deal can be completed ahead of Monday’s summit.
EasyForexNews Research Team