The pair started at $1.1341 this morning and hitched a ride from reported comments by the Greek finance minister who said the government would no longer call for a headline write-off of Greece’s EUR315bn foreign debt but would instead request a “menu of debt swaps” in an effort to end its confrontation with European creditors. The euro got up to $1.1348 before retracing back again and then made another run to a $1.1351 high. It stalled near the 61.8% Fibonacci retracement at $1.1360 ($1.1423 to $1.1260 fall) and then spent the subsequent hours consolidating. It ran into fresh sellers as the aussie-dollar rate plummeted after the RBA rate decision, and euro-dollar retreated to a fresh low for the morning at $1.1325. Euro-dollar last trades at $1.1327 with further demand then noted around $1.1300. European PPI due at 1000 GMT today is seen as the next hurdle for the euro.
