EUR/USD Rallies, USD/JPY Holds Steady
ICM Brokers | Jul 22, 2015 05:16AM ET
EUR/USD
EUR/USD rallied on Tuesday, posting its highest one-day move in more than a month, as normalcy returned to the eurozone following weeks of severe volatility related to the Greek Debt crisis. In Athens, a government spokesperson said Greece will likely complete discussions with its international creditors on August 20, after parliament ratifies the second portion of measures deemed necessary to reopen talks on Wednesday. The currency pair traded between 1.0810 and 1.0970 during Tuesday's session, before settling at 1.0940, up 1.05%.
GBP/USD
The pound edged higher against the U.S. dollar on Tuesday, after positive U.K. data, but gains were expected to remain limited as expectations for upcoming rate hikes by both the Federal Reserve and the Bank of England lent equal support to the two currencies. The U.K. Office for National Statistics reported on Tuesday that public sector net borrowing rose to £8.58 billion in June from £8.35 billion in May, whose figure was downwardly revised from a previously estimated £9.35 billion. GBP/USD hit 1.5590 during European morning trade, the session high; the pair subsequently consolidated at 1.5575, easing up 0.10%.
USD/JPY
The U.S. dollar held steady at more than one-month highs against the yen on Tuesday, as growing expectations for a U.S. rate hike continued to support the greenback and as progress on the Greek debt front dented demand for safe-haven assets. USD/JPY hit 124.50 during U.S. morning trade, the pair's highest since June 10; the pair subsequently consolidated at 124.20.
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