Euro falls on Grexit concerns, yen rises on safe haven demand

EUR/USD opened with a gap down from Friday’s 1.1164 New York close to 1.1025 and briefly dipped to 1.0955 on Grexit fears. This comes in reaction to news over the weekend that Greece imposed capital controls and closed banks. Also, Greek Prime Minister Alexis Tsipras called a referendum for Sunday July 5th. Greek citizens are asked to vote on whether they accept Greece’s creditors terms for a new bailout.

USD/JPY plunged and gapped down too as safe haven buying led to flows into the Japanese yen. USD/JPY fell to 122.11 then bounced later to 123.19. EUR/JPY gapped down at the Asian session open to 135.97 then tumbled to 133.80 before a bounce to 135.60 later. Yen was strong against other counterparts as well. Looking at other JPY crosses: GBP/JPY fell to 192.15, bounced to 193.49, NZD/JPY gapped down, 83.58-70, and AUD/JPY was down from 93.95 to 92.65, bounced to 94.69.

GBP/USD opened with a small gap down at the Asian open, from 1.5645 to 1.5730, but most of the gap was closed. EUR/GBP plunged, gapped down at open, traded 0.7060 to 0.6989.

USD/CHF surged up to 0.9435 early before easing off, with a low 0.9364. EUR/CHF gapped lower, 1.0360-71, then 1.0311-43.

AUD/USD opened in Asia at 0.7625 and had a volatile session. It traded 0.7663 to 0.7587, bounced to 0.7694, then was off again. Apart from negative Greek news, aussie is also impacted by China rate cut news.

NZD/USD was initially off to 0.6808 as the market reacted to weekend news on Greece. The pair traded a 0.6786-0.6868 range.

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Source:: Euro falls on Grexit concerns, yen rises on safe haven demand

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