Forex news, data and trading headlines 21 July 2015

  • Swiss trade balance June +CHF 3.58 bln vs +2.8 bln exp
  • June 2015 UK PSNB 8.584bn vs 8.600bn exp
  • EU's Moscovici sees Greek debt relief after reforms are implemented
  • Spain's de Guindos sees annualised Spanish GDP of 4.0%
  • Slovakia would push for Greek exit if bailout terms are not met
  • Monetary Authority of Singapore says reviewing GDP forecast for 2015
  • Gold: Bears continue to sell into recent rally, see why?
  • Greece will start the grovelling after tomorrows parliamentary bailout vote

  • Bank of England MPC meetings will be reduced to 8 from 12

It's been one of those blink-and-you-miss-it days in most pairs. One minute we're trading water, then the next there's a 30 or 40 pip move followed by more water treading

Greece has been pushed to page 2 in the news and the market is suffering from the sudden loss of volatility. It shouldn't come as a shock that the eurobods managed to pull out a deal just before the summer really kicks in

EURUSD took an early-ish ride up to test the resistance at 1.0865/70. There's a distinct lack of effort though and the run faded back to 1.0842 before another attempt ran out of legs at 1.0868. We stay in the ballpark though around 1.0855/60

GBPUSD was minding its own business at 1.5560/70 first thing until a quick look at 1.5590 woke up the sellers. It didn't look like much was going on until 1.5550 was taken out and we swiftly dropped to 1.5529. 1.5550 has seen resistance build after the break and we're 9 pips from the lows as I type

The other pound pairs also suffered with GBPJPY losing a quick 60 pips to test 193.00. GBPCHF continues to sit on the lows at 1.4923

USDJPY felt out the resistance at 124.50 but couldn't make a dent, coming up 2 pips short. We then went on a lazy wander south to bids around 124.20 and have mustered a move back to 124.40

The European calendar was void of any major data and the US doesn't look any better. Inspiration is going to come from the unexpected but things do pick up tomorrow

Once again, apologies for the down time earlier