Euro tumbles in reaction to Greek “no” vote

JPY
• USD/JPY, crosses plunge on Greece vote, gap down opens, gaps closed later.
• BoJ, MoF in early, presence reassures, talk of some PKO, stocks likely.
• USD/JPY gap down open, 122.25 to 121.70, bounce to 122.71, gap closed.
• Bids pre-122, trail down, offers pre-123, some nearby option expiries.
• EUR/JPY 135.85 to 133.70, bounce to 135.59, NZD/JPY 81.02 to 82.12 bounce.
• GBP/JPY to 189.56-69, gap up later to 190.25-92, AUD/JPY 90.71 to 92.14.

EUR
• EUR/USD gaps down from 1.1107 to 1.0995 early Asia after Greece no vote.
• Large no vote moving Greece closer to Grexit? Low of 1.0969 then rally.
• 1.1000+ when Tokyo arrives, 1.1055 high, heavy Tokyo EUR/JPY buys
• EUR/USD offers from around 1.1050, still there.
• Market nervous over getting too short EUR after last Monday reversal.
• Inverse correlation between EZ equities-EUR/USD cause of some hesitation.

GBP
• Cable gap down open, 1.5530 to 1.5510 before reversal, rally to 1.5580.
• Market steady since and await flows in Europe.
• EUR/GBP gaps down, push to 0.7057, bounce to 0.7099 later, gap closed.

CHF
• USD/CHF slightly better bid in Asia, 0.9407-55 range.
• EUR/CHF gaps down, rally later from 1.0356 to 1.0428, gap still to 1.0436.

AUD
• AUD/USD opens Asia at 0.7480, to 0.7452 then bounce to 0.7518, ease later.
• Greece no vote has only limited impact, early gap down closed, AUD/JPY too.
• Asia players cautious, most prefer to wait out Europe, reaction there.
• AUD/USD break below 0.75 important, opens way for a move to 0.70.

NZD
• NZD/USD marked down to 0.6665 at open, Friday New York close 0.6694.
• Marginal push down to 0.6645, fresh post-June ‘10 low, reverses to 0.6700.
• NZD/JPY, other JPY pair buy-backs after initial plunge surprise.
• Trading on hold ahead of Europe, reaction there to Greek news.

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