Forex news from the European morning session 20 July 2015
News:
- Greece to make EUR 6.8bln payment to creditors due today
- More on that Greek repayment being made today
- Bundestag could hold special second sitting on Greece sometime this summer
- Hard landing in China would affect Germany says Bundesbank
- NZ PM Key: NZ dollar has fallen faster than expected
- China to discuss next 5-year plan at key meeting in October
- More on the Caijing story about stock stabilisation fund
- Option expiries 10am NY cut today 20 July
Data:
- German PPI June mm -0.1% as exp
- Eurozone current account May sa +EUR 18.0bln vs +24bln prev
It's been a relatively orderly start to the which has see the euro failing to hold early gains and the pound on a steady dip lower.
After another dip in late Asia trading the euro got off to a positive start as Europe got under way with news of Greece making some payments due today, and we saw EURUSD rise to 1.0865 from 1.0821 with EURGBP up to 0.6973 from 0.6938.
This is turn gave cable a cap, again, and we've journeyed steadily lower to 1.5537 from 1.5620 and pound pairs generally falling back after the Carney-led rally on Friday
We've since seen EURUSD return to test session lows with EURJPY falling back to 134.55 after failing to crack 135.00 with USDJPY well supported in the dip but struggling into 124.50
Kiwi $ got some early love on Key's comments with NZDUSD climbing to test 0.6600 from 0.6515 driving AUDNZD down to 1.1185 from 1.1280. AUDUSD rode the move well to stage its own rally to 0.7393 from 0.7350 before running out of steam
USDCAD has found support again from USD demand and falling oil but failed at 1.3000 as I type
Thin data calendar and thin summer liquidity makes for a scrappy market but there's opportunity to be had still.
