The Euro advanced to the highest level in two weeks against the US Dollar as the countdown is on for the outcome of the Greek austerity vote today. The markets are optimistic that logic will prevail and the Greek parliament will pass the measures and opt for a route away from default. The ECB has faith in a strong EU as its Chairman signalled in his speech on Tuesday at a central bankers meeting that interest rates will likely be raised as soon as next week. EURUSD peaked at 1.4447 from the session open of 1.4366. However, a few minutes before the close of the session, EURUSD plummeted 86 pips within a minute from 1.4117 to 1.4331 as news leaked out that the Greek ruling party deputy voted against the austerity measures. The Euro soon rebounded back to its previous levels to close at 1.4411 while the vote was still underway.
Sterling fell across the board following a slew of economic data which didn’t look too promising for the struggling British economy. GBPUSD fell to a low of 1.5987 following the release of the data but soon rebounded to 1.6056 after a news flash before the end of the session that UK inflation expectations jumped to 3.9 percent in June y/y from 3.4 percent in May y/y. Meanwhile EURGBP was fluctuating between 0.9014 and 0.8979 throughout the session except just before the session close, Euro dipped to 0.8966 for a minute as there was a news leak that a Greek party deputy had voted against the austerity measures. The vote hasn’t been finalized yet.
The Swiss Franc fell against the Dollar following the release of the KOF Economic Barometer which dropped in June to 2.23 from 2.30 in May, marginally lower than the expected 2.24. USDCHF rose to 0.8362 from a low of 0.8295. Additionally, overall optimism in the Euro and demand for it ahead of the Greek vote made investors shift away from the safe haven Swiss currency. In fact this heightened Euro demand lifted EURCHF to its highest level since last Thursday, surging 135 pips to hit a high of 1.2058 from the low 1.1923.
The Euro surged to a three week high against the Yen as investors believe the Greek parliament will vote to pass through the austerity measures today so they are buying up the Single Currency in hopes that it will shoot up after news of the vote. EURJPY shot up to 117.16 from the open of 116.45. Meanwhile, USDJPY as still locked in the range it formed overnight in the Asian session, but tended to head down towards the end of European trading, closing down at versus the open of 81.05.
EURUSD | GBPUSD | EURGBP | EURCHF | EURJPY | |
OPEN (07:00 GMT) | 1.4366 | 1.5991 | 0.8982 | 1.1935 | 116.45 |
DAY’S HIGH | 1.4447 | 1.6056 | 0.9014 | 1.2058 | 117.16 |
DAY’S LOW | 1.4331 | 1.5967 | 0.8966 | 1.1923 | 116.11 |
CLOSE (14:00 GMT) | 1.4411 | 1.6032 | 0.8987 | 1.2026 | 116.75 |
Note: Daylight Saving Time in effect for GMT
By clicking “Continue”, you agree to the default cookie settings on our website.
Trading Point uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Read more, or change your cookie settings.
What are Cookies?
Cookies are small data files. When you visit a website, the website sends the cookie to your computer. Your computer stores it in a file located inside your web browser.
Cookies do not transfer viruses or malware to your computer. Because the data in a cookie does not change when it travels back and forth, it has no way to affect how your computer runs, but they act more like logs (i.e. they record user activity and remember stateful information) and they get updated every time you visit a website.
We may obtain information about you by accessing cookies, sent by our website. Different types of cookies keep track of different activities. For example, session cookies are used only when a person is actively navigating a website. Once you leave the website, the session cookie disappears.
Why are cookies useful?
We use functional cookies to analyse how visitors use our website, as well as track and improve our website’s performance and function. This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. For example, we might use cookies to keep track of which website pages are most popular and which method of linking between website pages is most effective. The latter also helps us to track if you were referred to us by another website and improve our future advertising campaigns.
Another use of cookies is to store your log in sessions, meaning that when you log in to the Members Area to deposit funds, a "session cookie" is set so that the website remembers that you have already logged in. If the website did not set this cookie, you will be asked for your login and password on each new page as you progress through the funding process.
In addition, functional cookies, for example, are used to allow us to remember your preferences and identify you as a user, ensure your information is secure and operate more reliably and efficiently. For example, cookies save you the trouble of typing in your username every time you access our trading platform, and recall your preferences, such as which language you wish to see when you log in.
Here is an overview of some of the functions our cookies provide us with:
This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses analytical cookies placed on your computer, to help the website analyze a user's use of the website. The information generated by the cookie about your use of the website (including your IP address) may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google. Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above.
Change Settings
Please select which types of cookies you want to be stored on your device.
We are using cookies to give you the best experience on our website.
Read more or change your cookie settings.