Forex news from the European morning session 1 July 2015

News:

  • Tsipras will accept Troika proposals - Livesquawk
  • Eurogroup teleconference pushed back to 15.30 GMT
  • Merkel: Greece unilaterally abandoned successful talks
  • Referendum will go ahead says Greece
  • Troika still see the referendum as an issue
  • EU says new Greek proposal still doesn't shape up - RTRS
  • EU's Dombrovskis says they are prepared for the worst
  • EU's Dombrovskis says door for Greece remains open
  • Greek banks may not reopen in euros says Slovakian finance minister
  • Schaeuble shows his contempt by saying he's not even read the latest proposal from Tsipras
  • Juncker says he's in permanent contact with Greek officials
  • Carney: BOE hoping for the best but preparing for the worst on Greece
  • Schaeuble says the second Greek letter lacks clarity
  • Germany's Schaueble says talks before Greek referendum make no sense
  • French fin min Sapin says the goal is Greek accord before Sunday's referendum "if possible"
  • Austria's Schelling says Greece is unpredictable
  • Greece is left with 3 options after failing to pay the IMF says EFSF
  • BOE's Carney says Greek crisis will test market liquidity
  • China foreign ministry hopes to see an appropriate resolution to Greek debt crisis
  • Italy's Padoan says Eurogroup believe a deal is still possible with Greece
  • Latest Greek referendum poll has No vote leading with 46%
  • It's possible that low rates will continue for "quite some time" says Carney
  • FX moves are a risk factor for companies says BOJ's Funo
  • BOJ's Funo will watch for side effects of BOJ easing
  • Citi/YouGov June poll sees UK inflation expectations for year ahead rising to 1.4% vs 1.1% in May
  • German engineering orders fall by 2% yy in May
  • Is the UK just another Greece in a thinly-veiled disguise?
  • Forexlive welcomes another guest contributor to its pages
  • Option expiries 10am NY cut today 1 July

Data:

  • June 2015 UK Markit CIPS manufacturing PMI 51.4 vs 52.5 exp
  • Spain Markit mftg PMI June 54.5 vs 55.5 exp
  • Eurozone Markit PMI June 52.5 as exp
  • Germany Markit mftg PMI June 51.9 as exp
  • France Markit mftg PMI June 50.7 vs 50.5 exp
  • Italian Markit PMI June 54.1 vs 54.3 exp
  • Swiss SVME PMI June 50.0 vs 49.9 exp
  • Nikkei 225 closes up +0.46% at 20,329.32
  • Irish Investec mftg PMI June 54.6 vs 57.1 prev
  • Australian commodity index June 80.2 vs 77.9 prev

What? not enough headlines for you ? lol

All eyes on Greece again but the pound has been acting like jealous older sibling vying for attention

The euro has had an up and down morning but in tight-ish ranges with EURUSD clinging to support around 1.1100 and rallying to 1.1150 at the other extreme on talk that Tsipras was ready to deal

Other euro pairs suffered similar swings but EURGBP had more of a volatile ride accelerated by weaker than expected UK mftg PMI data which saw cable sold to 1.5670 from 1.5705 then finally 1.5640 as EURGBP motored from 0.7060 to 0.7129 rapid fashion. Jury definitely out on UK recovery strength and Carney reminded markets that interest rates aren't going up any time soon

USDJPY found early offers on EURJPY sales but has since made steady progress higher from 122.45 to test 123.00 while USDCHF also enjoyed a ride higher to 0.9426 from 0.9345 in a move that smelt of SNB action but unconfirmed

USDCAD finally had enough legs to stay above 1.2500 after a couple of failed attempts and has posted highs of 1.2526 while AUDUSD and NZDUSD have once again been in retreat down to 0.7682 and 0.6764 as I type

ADP employment change out the US coming up will be keenly noted ahead of tomorrow's NFPs but the attention remains on Greece with the Eurogroup teleconference rescheduled for 15.30 GMT

Let's be careful out there