EUR/USD rallies as markets hope Grexit averted after Greece submits proposals

EUR/USD jumped to a high of 1.1133 on Friday after opening at 1.1035. The euro was boosted on hopes of a Greek deal after Greece submitted proposals for reforms before the deadline at midnight on Thursday. The proposals include tax and pension reforms which the creditors will review ahead of the EU Summit of all 28-member countries in Brussels on Sunday. The proposals likely meet creditors’ demands. Meanwhile overall risk sentiment is up after Chinese stock markets continue to recover.

USD/JPY opened in Asia at 121.28 and traded 121.27-122.04. The pair remains bid on very likely Greek deal this weekend and no Grexit. EUR/JPY was the main driver in Asia up 1.1% and on its high last at 135.40. The main risk going into the weekend is Fed Chair Janet Yellen’s speech later tonight.

GBP/USD opened at 1.5380 and traded 1.5364-96 in Asia. It last traded at 1.5393. Cable holds firm despite strong EUR/GBP gains to 0.7222 on a Greek deal.

AUD/USD opened at 0.7445 and traded 0.7447-96 in Asia. AUD/USD was bid from the get go supported by recovery in Chinese stocks and news that Greece submitted deal proposals which seemingly meet creditors demands.

Looking ahead:
Friday sees a quiet data calendar to end the week, but markets will still be on tenterhooks awaiting any further details of the Greek bailout proposals. With weekend meetings between creditor finance ministers and leaders due, the session is expected to be largely risk off

The post EUR/USD rallies as markets hope Grexit averted after Greece submits proposals appeared first on Forex Circles.

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