Forex Market
USD/JPY Analysis
Opened in asia at Y80.29 after NY highs of Y80.41 and after early highs of Y80.35 slipped back on cross sales to Y80.07. Bids from funds at Y80.00/10 halted further falls and the pair later settled around Y80.15.
EUR Analysis
EUR/USD closed in NY at $1.3233, with early demand into Asian dealing taking it to highs of $1.32499. Rate reversed to $1.3211 before recovering in steps to $1.3240 into the European open.
GBP Analysis
GBP closed in NY at $1.5783 and initially edged to $1.5793 in early Asian dealing before easing back to mark lows at $1.5764 as it tracked EUR/USD moves. Rate recovered, stepping its way to $1.5796 before Europe provided the added push to take it on to $1.5816.
JPY Analysis
Opened at Y79.74 in Asia and after an early low of Y79.68 headed higher on cross demand particularly on EUR and AUD/JPY buying which has steadily taken out a raft of offers and finally flushed the Y80.00 barrier tripping stops to a high of Y80.07.
Behavioral Finance: Daily Forex Outlook: The Greek deal had an even shorter half-life
EUR USD (1.3225) The scepticism around the Greek bailout deal is pervasive. While it was clear that the package was essentially crafted for servicing the debt costs of the Greek government, the complex PSI deal, it seems, does not guarantee a closure on the issue yet.
FX Daily Strategist: Europe
Greek deal leaves markets none the wiser The response to yesterday’s Greek bailout has seemingly confounded most market participants: those looking for a relief rally in risk have been sorely disappointed – but so have those who were looking for a ‘sell the fact’ response.
FX Market Technical Research
EUR/USD as expected is struggling at the 1.3300/22 area (last weeks high). Failure here should provoke a sell off back to the 50% retracement at 1.2974, this remains our favoured scenario. Below 1.2974 should trigger losses to 1.2891/54, then 1.2775 en route to the 1.2626 recent low.
GBP/USD Analysis
Closed in NY at $1.5783 and initially edged up to $1.5793 in early Asian dealing before easing back to mark lows at $1.5764 as it tracked EUR/USD moves. Rate recovered, stepping its way to $21.5796 before Europe provided the added push to take it on to $1.5801.
Technical Analysis
Not overly much is cooking out there at the moment… Well the yen is weaker with USDJPY seemingly headed towards a key 80.25 ref… EURUSD printed a bearish candle yesterday but directional clues are anyway weak within 1.3145\1.3322…
Technical Analysis: Ding ding
For technical analysts, it’s not the news that matters; it is how the markets react to the news that counts. We have been warning that the markets are poised for a “risk-off” phase and the price action over the next few days should provide valuable evidence to see if the bell has been rung on […]
EUR/USD Analysis
Closed in NY at $1.3233, with early demand into Asian dealing taking it up to highs of $1.32499. Rate reversed to $1.3211 before recovering in steps to $1.3240 into the European open.
EUR struggles to extend gains in the Greek deal aftermath
With the Greek deal supposedly done and dusted, markets now have to find something else to focus on near-term and, judging by the ranges, inspiration is in short supply.