EUR/USD gapped down on the open this morning in Asia at $1.3120 after Friday’s NY close of $1.3157 and headed lower after weekend news pointed to a delay to the Greek debt swap deal until later today. Pressure has remained on the pair throughout the session with a dip down through $1.3100 to $1.3181, before balancing around $1.3090 as the market tentatively hopes that Greece will avoid a default. GBP was also pulled down on the move, from $1.5825 to $1.5770 with the move partly cushioned by EUR/GBP easing from stg0.8312 to stg0.8290. USD/JPY has maintained Friday’s post NFP gains opening at Y76.60 and rising to Y76.80 after an initial dip to Y76.50, but the cross was weighed down initially by EUR/JPY fall from Y100.57 to Y100.18. AUD tracked the euro fall with a drop to $1.0710 from $1.0770 but remains supported by EUR/AUD which saw fresh all time lows of A$1.2168 after the NFP release on Friday. A relatively quiet start to the week on the data front, with this morning’s focus on UK Halifax house prices at 0800GMT and German factory orders at 1100GMT.
EasyForexNews Research Team