Forex news from the European morning session 10 July

News:

  • Tsipras tell his parliamentary team that he has a mandate for better deal, not for Grexit
  • No Sunday summit needed if Eurogroup agrees to negotiate Greek aid programme
  • Germany's Seibert says no question mark over Sunday EU summit taking place
  • Germany repeats that debt cut for Greece is unacceptable
  • Hollande says Greek proposals are serious and credible
  • EU's Dijsselbloem says there could be a "major decision" at tomorrow's meeting
  • Hold the front page ! EU spokesman says there will be some form of communication before the day ends
  • Syriza parliamentary spokesman says there will be a deal today
  • French economic min Macron says compromise needed for Greek deal
  • SNB side-lined as EURCHF tumbles
  • Option expiries 10am NY cut today 10 July

Data:

  • German wholesale price index June mm -0.2% vs +0.5% prev
  • UK visible trade balance May GBP-8.0bln vs -9.7bln exp
  • French industrial output May mm +0.4% as exp
  • Portugal CPI June mm -0.1%
  • Nikkei 225 closes down -0.38% at 19,779.83

It's not been without its wobbles but the euro has continued where it left off in Asia as hopes of a Greek settlement this week-end gather creditability. But it's still not a done deal

EURUSD had an early European squeeze to 1.1134 only to be sold off back to 1.1085 and similar moves in other euro pairs with EURGBP posting 0.7224 then 0.7190 and EURJPY to 135.78 before a dip back below 135.50

Another rally ensued as more encouraging words hit the wires only to fail again before finally breaking up and through with EURJPY leading the way past 136.00 in a hurry . EURUSD has since posted highs above 1.1200 as I type and still looks underpinned

As does the pound which has needed little excuse to move higher across the board apart from that early move higher in EURGBP. Cable eased through 1.5450 and chew offers into 1.5500 where it stalled but with demand below and EURUSD taking off it's now posted highs of 1.5552

USDJPY has been lifted on EURJPY demand and risk-on sentiment after finding plenty of yen buyers all week. Steady climb from 121.80 to 122.45 as EURJPY surges to post 137.30 so far

USDCHF though has seen a reverse move to 0.9330 from 0.9460 as EURUSD rallied but no sign of SNB has seen EURCHF slide to 1.0438 from 1.0520 before finding support

USDCAD found support into 1.2680 and rallied strongly to 1.2720 on cross-buying only to look under 1.2700 again before finding fresh demand

AUDUSD continues in its 0.7450-0.7500 range while NZDUSD has also been treading water caught in cross plays

Continued news on Greek deal to dominate but don't forget that Yellen is up later on