Barriers at 1.4450 and 1.4500 are history and we sit presently at 1.4502 having been as high as 1.4518. The Greek yes vote; focus on July 7th and very likely ECB rate hike; concerns surrounding US credit rating if government fails to increase debt ceiling leading to a default and month/half year/fiscal year end pressures are some of the factors in play.
Decent amount of euro zone data due today and ofcourse another Greek vote:
06:00 GMT: German retail sales for May expected +0.5% m/m, +2.2% y/y
06:45 GMT: French consumer spending for May expected +0.8% m/m, +0.5% y/y
06:45 GMT: French producer prices for May expected +0.25 m/m, +6.6% y/y
07:55 GMT: German unemployment for June expected -17k, unchanged 7.0%
08:00 GMT: Euro zone M3 money supply for May; 3 months to May +2.1%; +2.1% y/y
09:00 GMT: Euro zone consumer price index estimate +2.8% y/y
09:00 GMT: Italian CPI for June expected +0.1% m/m, +2.7% y/y; EU harmonised +0.1% m/m, +3.0% y/y
And at 07:00 GMT we’ve got Trichet speaking.
Greek implementation vote due sometime after 11:00 GMT.
Guess next dose of barrier option interest will now lie in wait up at 1.4550. And would think trailing sell stops are now close by below 1.4450.
