Forex news and trading headlines 16 July 2015

  • Europe put the pedal to the metal on car registrations in June

  • May 2015 Italian Trade balance 4.184bn vs 3.736bn prior

  • June 2015 Eurozone HICP final 0.2% vs 0.2% exp y/y

  • May 2015 Eurozone trade balance 18.8bn vs 24.9bn prior NSA

  • ESM's Klaus Regling says they'll pony up around €50bn to Greece in 3rd bailout - Schaeuble lays down the law again
  • Bank of Japan's keeps outlook unchanged in monthly report
  • Greece asks ECB for €1.5bn increase in ELA
  • EU agrees in principle to provide €7bn bridge loan to Greece - Finland passes Greek mandate
  • Ireland's Kenny says Draghi may turn the tap on the ELA now
  • Austria's Schelling has heard that ECB will extend Greek ELA
  • EC says they are confident that a compromise on Greek bridging loan is within reach
  • ECB preview: This is one meeting Draghi won't be looking forward to
  • All love lost for the poor kiwi
  • Here's the best trade you can make today

A slow start to the day and not much reaction to the overnight news that Greece passed the vote on the reforms no one wants.

EURUSD had an early look towards 1.0900 but found support at 1.0910. We managed a moved back up but found the way blocked at 1.0950 and that was enough to see the sellers exerting some pressure and we dropped to break 1.0900 by a few pips. Bounces have been weak and progressively coming lower and finally we broke through to 1.0886 as I type. There's strong bids and tech support here so that might keep us afloat until Draghi

EURGBP has suffered too and looks to have finally broken 0.7000 by dropping to a new 7 year low of 0.6969. 0.7000/10 is the level to watch to confirm or deny the break and the trap door is open for a larger move down

USDJPY was sucking on 124.00 but strong selling and option interest prevailed for a while. That's not the case now though as we had a break through to 124.06. Not exactly ripping on the break but it's taken out the hard stuff and has a chance to build on the big figure

NZDUSD can't find a friend for love nor money as it carries on down the waterfall. The banks are lining up to take pot shots at the economy, the dairy industry and the currency and we've not even touched on the US side of the trade. There's one more line in the sand at the 61.8 fib of the 2008 swing and if that goes then it's hold yer nose and pull the flusher time

You lucky guys and girls get to sit through another long afternoon of Yellen after Draghi, while I clear off down the pub ahead of the footy tonight. I'll be thinking of Aunty Janet as I'm sipping my beer ;-)