The pair is likely to trade in a wide range today in Asia, with the euro continuing to take center stage ahead of the June 17 election in Greece. Syriza President Alexis Tsipras said in a commentary published in the Financial Times that Syriza is committed to keeping Greece in the Eurozone and is the only Greek political party that can guarantee stability in the country. Yields on Greece’s 10-year bonds reached 30.73% on Wednesday, the highest since June 1, while yields on Spanish 10-year bonds stood at 6.79% on Wednesday, just shy of a record high of 6.83% hit on Tuesday. The Bank of Japan will launch a two-day policy board meeting between June 14 and 15 but it is widely expected to stand pat on the policy rate and the asset-buying program. The USD will face daily pivotal resistance initially at Y79.72 and then at Y79.95, while it is expected to see support initially at Y79.27 and then at Y79.07. The rate move from Y79.30 to Y79.75 on Wednesday.
EasyForexNews Research Team