EUR/USD back above 1.11 as EU Summit close to Greece deal

EUR/USD opened in Asia on Monday at 1.1091 but managed to move back above the key 1.11 level. Greece talks continue at the EU Summit in Brussels but are proving to be exceptionally difficult. The Greek parliament must pass reforms by Wednesday and if Germany approves then the Bundestag will vote on a bailout. Overall, risk sentiment in Asia was better on optimism of an eventual Greece deal. The Shanghai Composite and Nikkei were also up as well on hopes.

USD/JPY gapped down early, on news of no Greece deal yet but then rebounded and was steady. The pair traded from 121.95 to 122.75,and the early gap was closed, to trade mostly 122.45-60 later. EUR/JPY gapped down to 135.40 early, then rebounded later to 136.83, to close the gap.

GBP/USD did little in Asia and traded in tight 1.5470-1.5533 range. EUR/GBP was surprisingly quiet too, and traded between a 0.7150-85 range, with some nervousness early on Greece.

USD/CHF was quiet in Asia between 0.9393-0.9415. EUR/CHF players were nervous but the pair traded a 1.0443-77 range.

AUD/USD opened with a gap lower in Asia at 0.7435, and traded 0.7412-69. Aussie came under pressure early on Greece nervousness as there was no news yet, then bounced later. Risk sentiment and stocks were better across most of Asia, especially in China, which helped support the aussie.

NZD/USD was down from 0.6725 New York Friday close due to the Greece issue and no deal yet from the EU Summit. It bounced later from a 0.6701 early low, and hit a high at 0.6753. Secondary New Zealand economic data had little impact and markets shrugged off the data. Overall, the bias is still to the downside.

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Source:: EUR/USD back above 1.11 as EU Summit close to Greece deal

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