EUR/USD tests 1.12 , shrugs off Grexit fears

EUR/USD opened in Asia at 1.1237 after a recovery during Monday’s European session and after testing 1.12 in the US session. Markets see that there won’t be contagion if there is a Grexit so this helps support the euro. Also there is talk that a “yes” vote in Sunday’s referendum may result, after some polls yesterday showing the yes camp have the upper hand. EUR/USD held above a low of 1.1181 in Asia today.

USD/JPY saw some demand early in the session, to reach a high of 122.71 before pulling back down to 122.18. There is still some safe haven demand and end-of month flows.

GBP/USD traded in a tight 1.5719-40 range. UK data come into focus today, which include UK current account balance and final GDP. A weaker EUR/GDP from 0.7140 to 0.7112 was also supportive for GBP/USD.

USD/CHF bounced in Asia, from 0.9247 to 0.9305, as the SNB intervention in the currency markets has been helping. EUR/CHF also bounced post-SNB Jordan intervention confirmed yesterday. The pair rose from 1.0372 to 1.0413.

AUD/USD opened in Asia at 0.7678, traded 0.7660-84. There was some focus on Chinese stock markets, which is weighing on the aussie since China is a major trading partner for Australia.

NZD/USD closed in New York at 0.6851 and traded a range of 0.6797-0.6851 in Asia.

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