Forex news for US trading on July 10, 2015:

  • Fed's Yellen: Appropriate to begin raising rates "at some point later this year"
  • Yellen Q&A: Views more slack in labor market than unemployment shows
  • Canada June employment -6.4K vs -10.0K expected
  • US May wholesale inventories +0.8% vs +0.3% expected
  • Varoufakis says Schaeuble wants Grexit to make an example out of Greece
  • Lithuanian president says Greek proposal will really not be enough
  • Iran talks extended through Monday
  • Greek banks expect to reopen by end of next week, need recap
  • Fed's Rosengren: Rate liftoff this year might be appropriate
  • Fitch affirms Germany at AAA, outlook stable
  • CFTC Commitments of Traders for week ending July 7, 2015
  • Gold up $4.60 to $1164
  • WTI crude flat at $52.77
  • S&P 500 up 25 points to 2077
  • US 10-year yields up 7.8 bps to 2.40%
  • German 10-year yields up 18 bps to 0.90%
  • Euro leads, JPY lags

The market senses a deal and we won't find out until Sunday whether it comes. Greece is bending over backwards to give the Troika what it wants but some members of the Eurozone might not want Greece at all.

EUR/USD started to rally the minute the Greek proposal was released in Asia-Pacific trading and climbed as high as 1.1216 early in Europe. It was on a slow decline from there as skepticism set in and a few reports suggested a deal may still be difficult. It was a slow slide to 1.1119 at the low in US trading then a late bounce to 1.1150. Yellen had virtually no effect.

USD/JPY was one among many currencies that took advantage of the weak yen. It was relentlessly bid to 122.87 from 122.25 at the start of US trading -- hardly taking a step backwards. Stocks held a strong bid as well and bonds dumped.

Cable gained 150 pips to 1.5550 in early European trading but started to give back gains as New York arrived. It slipped to 1.5475 then found some fresh bids late up to 1.5514.

The commodity block was all over the place. The loonie initially got a big lift from great full-time jobs numbers and that dropped USD/CAD down to 1.2660 but shortly after a wave of selling hit AUD, NZD and eventually CAD. That totally reversed the move and the pair hit 1.2750. But that peaked right at the options cut and then it was a slide back to 1.2679.

AUD/USD was hit by heavy mystery selling down to 0.7410 from 0.7480. Once it found its footing, it was able to battle back to 0.7440. Given the risk and China backround along with a decent day in commodities, the weakness doesn't add up.

Have a great weekend! We'll have all the Greek news here, so check back.