Euro propped up on hopes of Greek deal, Chinese stock market rally helps sentiment

Posted On 09 Jul 2015

Tag: AUDUSD, EUR, EURGBP, GBPJPY, USDCHF, USDJPY

USD/JPY bounces after reaching a low of 120.40 on Wednesday and rose to 121.52. The rally in the Chinese stock markets after yesterday’s sharp tumble helped. Also the Nikkei was off its lows. There was some volatility after the Fed minutes last night.

EUR/JPY traded from 133.32 and 133.39 to 134.36, GBP/JPY from 184.96 and 185.07 to 186.49.

EUR/USD was most steady in Asia, in a range between1.1063-80 then to 1.1124 as Europe came around. Greece remains in focus and creates risk for the euro. Friday and Sunday deadlines are important as markets await a debt deal for Greece at the EU Summit. Yesterday Greece formally asked for a three-year bailout from the Eurozone’s rescue fund (ESM).

GBP/USD bounced from 1.5330 to an early Asia 1.5359 then to 1.5382. EUR/GBP was steady in Asia, from 0.7198-0.7208. The Bank of England policy meeting later today is in focus although rates are expected to remain unchanged at 0.50%.

USD/CHF was soggy between 0.9450-62 in Asia while EUR/CHF saw little action and traded between 1.0463-69.

AUD/USD opened in Asia at 0.7425, saw a brief dip down pre-jobs data to 0.7393 then a rally to 0.7475 after the data release. The Australian employment report was much better than expected. Also the Shanghai Composite rally helped the aussie since China is a major trading partner for Australia. Improving Chinese CPI data also helped.

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