Forex news from the European morning session 29 June 2015

News:

  • SNB's Jordan says they have intervened in forex market
  • Tsipras asks Eurozone leaders to reconsider decision not to grant bailout extension
  • EU's Oettinger says efforts still being made to keep Greece in the Eurozone
  • Euro higher again as EU's Moscovici says a deal with Greece is still possible
  • French fin min Sapin says Grexit still a possibility
  • ECB's Nowotny says ELA discussions were serious and intense
  • Spain's De Guindos says creditors have never considered writing off Greek debt
  • Don't panic about Greece says German finance ministry
  • Hollande says a Greek deal is still possible
  • ECB's Nowotny says it's unlikely that Greece will be able to make IMF repayment tomorrow
  • Spain's De Guindos optimistic that Greece will remain in the Eurozone
  • UK's Cameron says a Greek referendum No vote would make Grexit hard to avoid
  • Here's how to trade the euro as the dust settles
  • Option expiries 10am NY cut today 29 Jun

Data:

  • Spanish HICP June flash yy 0.0% vs -0.3% exp
  • Saxony CPI June flash mm -0.2% vs +0.2% prev
  • Bavarian CPI June mm -0.2% vs +0.1% prev
  • May 2015 UK mortgage approvals 64.4k vs 68.8k exp
  • June 2015 Eurozone economic sentiment 103.5 vs 103.8 exp
  • Portugese unemployment May 13.2% vs 12.80% prev
  • Nikkei 225 closes down -2.88% at 20109.95

Anyone who turned on their screens this morning hoping/expecting to see the end of the euro had to think again as a combination of profit-taking, hopes of Greek deal still, and the SNB hovering a bucket load of euros gave rise to a decent rally

Early euro-rally attempts were short lived with EURUSD failing to hold gains above 1.1000 but then some more upbeat rhetoric gave traders the view that a deal was still possible

EURUSD was back at 1.1030 resistance/offers then quickly up through 1.1050 and 1.1080 to post 1.1102 when the SNB held a presser to say it had intervened. Cue further move higher but traders were initially happy to fade the rally only for the uncertainty being enough for more EURUSD shorts to head for cover

So far EURUSD has been back to test good res/offers into 1.1140 dragging EURGBP to 0.7085 before running into more offers. EURJPY has enjoyed the ride to 136.87 from 134.80 and that has in turn put a bid under USDJPY below 122.50 but failing to get back above 123.00 so far

USDCHF had a run back up to 0.9400 on the SNB move but has since fallen again to 0.9330 support lines as EURUSD heads higher and EURCHF has retreated to 1.0370 from 1.0428

USDCAD found some support on lower oil prices while AUDUSD had a relief rally to 0.7670 from 0.7630 only to fall back before having another look higher as I type. NZDUSD remains undermined with offers/res at 0.6850 capping rallies so far

It was always going to be a busy morning but it's not the end of the world, or indeed Greece, just yet