The Euro moved off from one-month highs against the Dollar after Standard & Poor’s announced that a debt rollover plan could put Greece into selective default. The ratings agency said that under their criteria, the French proposal of rolling over maturing Greek bonds to swap them for new 30-year bonds would be considered a default. However, speculation of a rate hike by the ECB this week will keep the Euro supported unless other ratings agency issue the same warning as S&P. EURUSD declined to a European session low of1.4494 from the earlier session one-month high of 1.4576.
Sterling has been very vulnerable recently due to a series of weak UK economic data as well as being affected by events in the Euro zone. This morning, UK construction PMI data was released in line with expectations, thereby lifting the Pound against the Dollar after the news. Additional boost was given by a UK jobs survey which indicated that hiring has been stepped up in the UK. The Reed Job Index rose to 125 from 121 in May. However, investors were quick to take profits, prefer to unwind long Sterling positions since the currency is too vulnerable to risk and events in Greece. Cable erased all gains and fell to 1.6064 after a prior high of 1.6139.
EURCHF hit a new six-week high in the session, reaching 1.2344. Sell-off in the Swiss Franc had begun after the Greek austerity vote was successful last week. Prior to that, there had been a huge build up in long CHF positions as investors were buying the Franc as a safe haven investment to hedge against the uncertainty surrounding Greece, fearing a Greek default prior to austerity measures being approved. The Swiss currency also weakened against the Dollar as USDCHF edged up to a session high of 0.8499 from the open of 0.8476.
The Japanese Yen lost all gains made against the US Dollar form the previous Asian session when it profited from positive Japanese monetary supply data which gave rise to speculation that the BoJ could raise interest rates. USDJPY rebounded from a European session low of 80.52 to rise to 80.80. This is not necessarily due to USD strengthening but mainly due to profit taking and sovereign buying of the weaker Dollar.
EURUSD | GBPUSD | EURCHF | USDCHF | USDJPY | |
OPEN
(07:00 GMT) |
1.4524 | 1.6078 | 1.2311 | 0.8476 | 80.73 |
DAY’S HIGH | 1.4559 | 1.6139 | 1.2344 | 0.8499 | 80.80 |
DAY’S LOW | 1.4494 | 1.6064 | 1.2309 | 0.8468 | 80.52 |
CLOSE
(14:00 GMT) |
1.4503 | 1.6073 | 1.2318 | 0.8492 | 80.75 |
Please take into account Daylight Savings 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.