EUR/USD drops to lows near 1.1135

30 June, 2015

The shared currency was heavily offered versus the US dollar in the European morning, knocking-off EUR/USD below 1.1150 levels. The decline in EUR/JPY cross exacerbated the downside in the European currency, dragging it deeper in to red.

EUR/USD declines from 1.1170

The EUR/USD pair trades -0.86% lower at fresh session lows of 1.1138, quickly sliding nearly 20 pips. The major accelerates losses mainly driven by over a percent slump in EUR/JPY cross as the Greek debt crisis is weighing heavily on the 19-nation bloc currency.

It's widely expected that the debt-ridden country will not repay its $1.7 billion loan to the International Monetary Fund today. Political and economic turmoil persists after capital controls were imposed on Monday, leaving account holders dependent on the maximum withdrawal of €60 each day. 

While markets also continue to digest mixed German retail sales and unemployment data which also keeps the European currency pressured amid persistent broad based US dollar strength.

Markets will remain glued to Greece updates while inflation numbers will be released for the euro zone as a whole and markets estimate a slight decline to 0.2% from the 0.3% growth in May. Also, a set of US economic releases will be closely watched for further momentum.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1219 (Today’s High) levels, above which gains could be extended to 1.1279 (June 29 High) levels. On the flip side, support is seen at 1.1154 (June 24 Low) below which it could extend losses to 1.1129 (June 26 Low) levels. 


Source link  
Oil rebounds, set for third straight weekly rise

Oil benchmarks on both sides of Atlantic resumed its upward trajectory on Friday, reversing a temporary slide seen the day earlier and remain poised to book third straight week of gains...

Oil prices wobble as output freeze is viewed with skepticism

Oil prices recovered losses seen in early Europe, but gains are hard to come as markets believe next Sunday’s output freeze meeting in Doha is unlikely to help address supply glut issue...

Gold struggles to take out 5-DMA hurdle

Having ended on a weaker note on Friday despite broad based USD selling, Gold is having a tough time breaching 5-DMA hurdle at $1259.36 levels...


Buy the dips in USD towards 96.50/96.00

With that shift in the Fed’s tenor the USD should begin to benefit from a likely continued trend of more positive data surprises, our US data surprise index still some distance from hitting levels that warn a reversal is imminent...

European stocks rise in early trading

European equities advanced in early trading even though investors in Asia shied away from risk due to losses in commodities and Chinese equity markets...

Gold jumps above 1% on China rate cut

Currently, gold trades 1.18% higher at 1234.80, retreating slightly from fresh session highs printed at 1236.10 some minutes ago. The precious metal jumped nearly $ 4 after the Chinese central bank slashed the RRR by 0.5% in a bid to stimulate economic growth, which would in turn lift the demand for the bullion...


Brexit: Major blow to Cameron bid to remain in EU

While sterling may garner a little solace from any pre-EU remarks from Carney today, in view of the real risk that the UK could vote to leave the EU in June, we have pushed up our 1 mth EUR/GBP forecasts to 0.79...

USD positioning remains constructive

Leveraged funds reduced their net long USD positions by USD1.5bn to USD22.6bn in the week ended 2 February, reversing the gain in the previous week...

GBP could gain from BOE message

Research Team at BNP Paribas, notes that the UK data has outperformed this week, with both manufacturing and non-manufacturing PMIs improving in contrast to weakening elsewhere...

  


Share: