Forex Market
GBP/USD Analysis
Opened around $1.5770 after hitting lows of $1.5730 in NY late Friday. Cable pushed up in early trading to $1.5799 tracking EUR/USD on optimism that the Greek parliament would pass the latest austerity measures.
EUR/USD Analysis
Opened at 1.3185, and headed higher on anticipation that the Sunday vote by the Greek parliament would lead to a passing of austerity measures, thereby opening the door to EU/IMF approval of the 2nd bailout package of E130 bln needed to avoid a Greek default and possible exit from the Eurozone.
Asian Summary
Asian markets opened firmer amid optimism that the Greek parliament would finally approve the austerity bill amid widespread civil unrest in the country. The bill was eventually passed with 199 for and 74 against, with parties promptly expelling those lawmakers that voted against it.
FX European Market Analysis
The EUR extended a slide in European trading hours Friday and the AUD continued a pullback from Wednesday’s six-month high against the dollar, as weary investors booked profits on positive currency bets and fears re-emerged over Greece’s ability to stave off a default.
FX Daily Strategist: US
FX trading risk-off today on yesterday’s Greek disappointment FX markets are trading a classic risk-off theme this morning given yesterday’s slip back in progress on Greece. The USD is bid across the board (barring GBP), and the EUR is stronger vs. high-beta/yield (AUD, NZD, and SEK) but softer against the relative lower yielders (USD, GBP […]
Behavioral Finance: Daily Forex Outlook: Draghi attempts to anchor expectations lower
EUR USD (1.3265) Although the eurozone ministers rejected the tortuously negotiated Greek deal as insufficient to disburse the next tranche of the bailout package, the euro hardly mirrored any volatility, an indication that investors have become weary about the whole Greek issue.
EUR/USD Analysis
EUR/USD closed in NY at $1.3285, after rate had pushed to highs of $1.3322 to take out option barrier interest at $1.3315. Move up had been aided by increased hopes that progress had been made on the Greek debt deal, though this was partially thwarted by German FinMin comments not to expect a decision out […]
GBP/USD Analysis
GBP closed in NY at $1.5815, just off session lows of $1.5813 after rate had pulled back from earlier highs of $1.5886. Rate posted an early Asian session high of $1.5818 before resuming its corrective pullback, trading through Thursday’s Asian low of $1.5794 to extend the pullback from recent highs of $1.5929 to $1.5782, with […]
JPY Analysis
Opened in Asia at Y77.66 after highs in NY of Y77.73 and headed higher on some early importer demand to Y77.75 before exporters pushed the pair back to Y77.51. The rate has since settled around Y77.60/65. EUR/JPY opened at Y103.19 after NY highs of Y103.29 and eased down with the EUR/USD to Y102.91.
Currency Outlook: GBP – Slave to EUR fortunes
The market remains fixated by the euro crisis, ensuring that GBP largely takes its cue from EUR-USD. We examine five potential catalysts for this link to break. While there is much fiscal pain to come, there are not yet grounds for GBP to move independently of EUR-USD.
GBP/USD Analysis
Closed in N at $1.5815, just off session lows of $1.5813 after rate had pulled back from earlier highs of $1.5886. Rate posted an early Asian session high of $1.5818 before resuming its corrective pullback, trading through Thursday’s Asian low of $1.5794 to extend the pullback from recent highs of $1.5929 to $1.5782, with early […]
AUD/USD Analysis
Opened in Asia at $1.0785 and after an initial early high of $1.0790, headed lower. The fall was instigated by further buying from CTA’s in the EUR/AUD cross which has staged a strong rally from Tuesday’s all time lows of A$1.2133 and hit highs this morning of A$1.2387 after tripping stops up through A$1.2320.