Forex news from the Euopean morning session 8 July 2015

News:

  • Greece to make ESM request today
  • Tsipras says Greece will deliver "concrete proposals" to bridge the gap with creditors
  • EU's Moscovici says we must not turn our back on Greece
  • Greece looking to request 3 year ESM program - Livesquawk
  • ECB sees no shift of money out of the euro
  • ECB's Visco says they are ready to use all instruments at its disposal
  • ECB's Nowotny says bridge financing will only happen if there's a deal in sight
  • Tsipras gets a grilling from MEP's
  • Tsipras: It's a crucial time for Greece and Eurozone
  • ECB's Noyer says Greece is on the edge of catastrophe
  • EU's Dombrovskis says a comprehensive reform package is needed from Greece
  • Greece dismisses claims they are preparing IOUs to pay state pensions and wages
  • QE has succeeded in averting deflation says Nowotny
  • China says it is confident it can meet 2015 growth target
  • Australian treasury says it is closely monitoring developments in China
  • BOJ's Kiuchi sees little chance of Japan hitting 2% inflation even fiscal year 2017
  • Bank of France lowers Q2 GDP forecast to +0.2% vs +0.3% prev
  • Swiss pairs bounce - Eyes on the SNB
  • Preview: Osborne to slow the pace of spending cuts in UK summer Budget speech
  • UK Budget Preview (2) : Look for the ticking time bomb in the UK Budget. More from guest economist John Hearn
  • All aboard the yen train again
  • Option expiries 10am NY cut today 8 July

Data:

  • UK Halifax HPI June mm +1.7% vs +0.3% exp
  • US MBA mortgage market index 383.5 vs 366.5 prior
  • Japan's economy watchers index June 51.0 vs 53.2 exp
  • Nikkei 225 closes down -3.14% at 19,737.64

All eyes on Wales today as the fierce Ashes cricket rivalry between England and Australia gets underway but away from that we've had a lively session this morning

Euro found support early on but the thirst for yen buying continues at pace accelerating the pound getting another kick lower

With the focus on Greece still there were some decent buyers of euros from the off and saw EURUSD get to 1.1060 having held early gains above 1.1000. EURGBP has needed little excuse to make further gains to post 0.7192

But EURJPY has been on the back foot as yen-pairs get slapped across the board given further encouragement by a falling Nikkei. USDJPY had an early knock down to 121.60 from 122.05 as on a lower equity market close and then dipped below good demand at 121.50

GBPJPY fell to 187.27 as cable found itself capped by EURGBP demand but then both rallied 50 pips only to then collapse to 186.48 and 1.5352 as EURBP kept marching higher

USDCHF and EURCHF staged sharp rallies to 0.9508 and 1.0473 to point the finger at the SNB again while USDCAD fell to 1.2688 before finding buyers once again

AUDUSD has also been on the back foot to 6year lows of 0.7372 but posted a decent rebound since to 0.7425 while NZDUSD found some love to 0.6720 from 0.6650 on AUZNZD selling only to run out steam as cross buyers returned

It's going to be another lively session to follow