Forex news for June 30, 2015:
- Canadian April GDP -0.1% vs +0.1% m/m expected
- June 2015 US consumer confidence 101.4 vs 97.3 exp
- June 2015 US Chicago PMI 49.4 vs 50.0 exp
- April 2015 US Case Shiller House prices 0.3% vs 0.8% exp m/m
- Fed's Fischer: Economy likely grew at 2.5% annual rate in Q2
- Dallas Fed services index 13.2 vs 3.8 prior
- Iran and nuclear powers extend interim accord until July 7
- Merkel says they will not negotiate anything new before the planned Greek referendum
- Greece asks for 2 year bailout program from ESM - PM's office
- Greece requests loan exclusively to pay debt - report
- Greece will send another proposal tomorrow
- Nowotny: Greek ELA stands at 88.6B euros
- S&P writes the obituary for Greek banks
- OPEC June 2015 output rises 300kbpd m/m - RTRS
- Gold down $7 to $1172
- WTI crude up $1.04 to $59.37
- US 10-year yields up 3 bps to 2.35%
- S&P 500 up 8 points to 2065
- AUD leads, NZD lags
The most market-moving headline of the day was Canadian GDP. The weak print reignited talk of a recession and a Bank of Canada rate cut late in the year. USD/CAD jumped to 1.2420 from 1.2360 immediately and then continued the rally up to 1.2499 where offers finally capped the move. Tomorrow is a holiday in Canada so moves could be choppy.
The drama in the Eurozone continued. Broad US dollar selling early in New York trading boosted EUR/USD up to 1.1240 from 1.1190 but the high was short-lived and it started to grind back to 1.1180. A wave of selling hit at the London fix and ran stops down to 1.1115. Last at 1.1144.
USD/JPY tracked the risk trade but stayed within the Asia/European ranges. The high at 122.60 was at the start of US trading and it slid to 122.00 as a strong start for US stocks turned into declines. It found support ahead of the Asia low and climbed back to 122.40.
Cable did a 70-pip roundtrip. It jumped up to 1.5770 from 1.5700 as it was bounced around by EUR/GBP but selling at the fix hit and drove it back to 1.5700.
The Aussie held a solid bid for the second day. It touched a high of 0.7725 but then fell back to 0.7680 on fixing demand for US dollars. Afterwards, the bid returned in a climb to 0.7710.