Littlefish FX | Jul 09, 2015 05:56AM ET
Market Commentary
Markets consumed by volatile action in Chinese stock markets; Greece takes a back seat, leaders posture ahead of yet another weekend summit; NYSE technical outage prevents trading on main exchange for most of day; NYSE outage sees flows into US treasuries and JPY in a flight-to safety bid; interbank reports suggest bulk of JPY spec shorts now trapped. USD down as Fed minutes read dovish; odds for one 2015 hike drop below 50% for first time.
EUR/USD grinded higher steadily towards 1.1100 level from 1.0972 low, as Greece showed positive attitude to follow its creditors on reforming its proposals.The ECB left the ELA cap unchanged as expected. Some large Greek banks may face possible closure that would follow any bailout of the country. ECB’s Liikanen said Greece had just one chance and the deadline expires on Sunday.
GBP/USD traded heavily and tumbled to 1.5328 low, despite better-than-expected Halifax House price, which came in 9.6% YoY against 8.3% expected. UK Chancellor George Osbome lowered the forecast of growth for 2015 to be 2.4 percent, down from a forecast of 2.5 percent made in March.
JPY advanced near its strongest level since May, owing to the slump in Japanese stock market amid a global wave of risk aversion. Japan current account surplus widened more than anticipated to ¥1,880.9 billion in May, compared to previous month’s surplus of ¥1,326.4 billion
Technical Commentary
EUR/USD Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks) Bearish
GBP/USD: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks) Bearish
USD/JPY: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks) Bullish
EUR/JPY: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks) Bearish
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