EUR/USD holds gains after Greek loan extension announcement

USD/JPY eased down from 119.27 early to 119.05-10 where it remained for most of the Asian session. The pair edged down further to 118.93 later but held onto most gains made from Friday’s rally. USD/JPY is vulnerable to this week’s highlights – Fed Chair Janet Yellen’s testimony as well as US inflation and GDP data.

EUR/JPY fell back from 135.94 to 135.32. The euro remains supported across the board after Friday’s announcement of a EU-Greek extension deal. A formal agreement is expected later today.

EUR/USD opened in Asia at 1.1388 and held onto gains made after Friday’s spike to 1.1428 on a knee-jerk reaction to the tentative EU-Greece deal. The pair traded in a holding pattern in Asia between 1.1370-90. The pair could move higher today if Greece gives satisfactory measures on the 4-month extension deal. Greece needs to satisfy the troika with promises of fresh reforms in order for a formal bailout extension goes into effect.
GBP/USD was bid early up to 1.5409 but fell back later to 1.5370. EUR/GBP consolidated gains late Friday, holding between 0.7389-0.7404 in Asia.

USD/CHF saw a leg up from 0.9393 to 0.9443 on almost no volume. EUR/CHF saw a bump up from 1.0692 to 1.0740 with the market still nervous over possible SNB action.

AUD/USD opened in Asia at 0.7845 and fell back from 0.7849 to 0.7829. Continuing Lunar New Year holidays in China kept volumes low in the region.

The post EUR/USD holds gains after Greek loan extension announcement appeared first on Forex Circles.

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