Forex news from the European morning session 3 July 2015

News:

  • Varoufakis says Greek banks are not insolvent
  • More from Varoufakis: "Of course we have made mistakes"
  • EU's Dombrovskis says door remains open for Greece
  • ECB's Nowotny kicks Greek dual currency into the dirt
  • ECB's Constancio: Greek vote is relevant for ECB analysis
  • Greece's Tsakalotos sees a deal with creditors by Tuesday
  • Bloomberg poll has No vote in a narrow lead for Greek referendum
  • Sustainable Greek debt doesn't necessarily mean a haircut
  • Latest Reuters poll has unanimous view that RBA will keep rates on hold in July
  • China's financial futures exchange will crack down on deliberate short selling
  • BOE lowers deposit guarantee to £75k from £85k
  • Can the SNB continue to intervene to weaken the Swiss Franc?
  • Options expiries 10am NY cut today 3 July

Data:

  • June 2015 UK Markit CIPS services PMI 58.8 vs 57.4 exp
  • Eurozone Markit services PMI final 54.4 as exp/prev
  • German Markit services PMI June 53.8 vs 54.0 exp
  • May 2015 Eurozone retail sales 0.2% vs 0.1% exp m/m
  • France Markit services PMI June 54.1 as exp
  • Italian services PMI June 53.4 vs 54.1 exp
  • Spain Markit services PMI June 56.1 vs 58.4 prev
  • Nikkei 225 closes up +0.08% at 20,539.79

Apols for late posting of this. Back=end issues.

It's all been a case of waiting for the week-end this morning as the Greek referendum continues to cast its shadow

It's been a very steady morning with EURUSD nudging higher to 1.1118 but then drifting back below the figure. Euro pairs similarly been drifting around too

GBPUSD had one move higher on better UK services PMI data but ran into the large res/offers into 1.5650 and we've since settled back around 1.5625

AUDUSD has been on the slide again and chewed through bids into 0.7550 triggering stops to .07535 and nd then to 0.7711 before finding more support

USDCHF and EURCHF have both been on the back foot on safe-haven CHF demand with no sign of the SNB while USDJPY failed into 123.20 offers and has retreated to 122.90

With US hols today it's going to be slow still heading into the week-end but thin liquidity may produce the odd moment or two.. Not to mention a Greek news bomb