Forex news for US trading on June 19, 2015:

  • Canadian April retail sales -0.1% vs +0.7% expected
  • May 2015 Canadian CPI 0.9% vs 0.8% exp y/y
  • Belgian consumer sentiment hits four-year high
  • ECB approved 1.8 billion euro increase in Greek ELA - MNI
  • Tsipras courts Putin in trip to Moscow
  • Merkel says Monday summit may only be 'advisory summit' if no foundation for deal
  • Fed's Williams: Has not seen convincing evidence of higher inflation
  • Williams: Most of the decline in labor force structural
  • Fed's Mester: Economy can withstand a 25 bps rate hike
  • CFTC Commitments of Traders: US dollar longs ease
  • Baker Hughes rig count 857 vs 859 prior
  • Spain's de Guindos says Greek banking system is a very difficult issue
  • BOE's McCafferty says rate rises will be modest and gradual
  • S&P 500 down 12 points to 2109
  • Gold down $1 1201
  • US 10-year yields down 7 bps to 2.26%
  • CHF leads, AUD lags

Trepidation was the feeling and Greece was the word. Developments were few so it was all about risk management. No one is quite sure what happens if/when Greece defaults so the safest thing to do was buy bonds and sell stocks. That theme gave the yen a broad boost throughout US trading.

USD/JPY started by testing the session high of 123.20 on news of a fresh ELA for Greek banks. But sellers were clearly protecting that level and a long slide began down to 122.55. The low came well before Europe left, there was a small bounce and then a retest of the low. Last at 122.67.

EUR/USD continues to confound. It made steady gains up to 1.1360 from 1.1300 in Europe. You would think that's a sign of optimism but EUR/CHF was headed in the other direction and sellers continued to beat that pair to 1.0404 at the end of the day.

Cable was a sold performer yet again but it was quiet for a chance. It's narrowly in positive territory as the minutes wind down in what would be the ninth gain in 10 sessions. Even a slight loss would have been impressive today given the run its been on.

USD/CAD was in focus because the early Canadian data. Most were watching inflation numbers but a poor retail sales report stole the show. That boosted USD/CAD to a session high at 1.2295 but sellers were reluctant to give up and 1.23 held even as oil declined. Last at 1.2265.

The Aussie was a laggard but the selling was in Asian trading and it moved sideways in the 0.7740 to 0.7770 range in US trading (finishing at the top of the range). The catalyst for all the selling was an absolute beating in Chinese shares.

Have a great weekend.