Market Roundup
- China stock market freezing up as sell-off gathers pace - Rtrs
- SSEC closed down 5.9% & Hang Seng closed down 5.8% Wednesday
- Yen hits 6-week high on safe haven flows. USD/JPY to 121.41 fm 122.55
- Euro up slightly as Greece gets new deadline. EUR/USD 1.0975/1.1061
- AUD/USD hits new 6 year low at 0.7372 fm 0.7459
- Greece makes formal request for load from ESM
- ECB Noyer: Euro is not condemned without Greece - Rtrs
- Greek finmin dismisses rpt that country preparing IOUs to pay state pensions/wages
- Nowotny: Questions for Greek bridge finance not current while no new bailout plan
- UK Osborne to cut spending in Conservatives's post-election budget - Rtrs
- GB Jun Halifax house prices 1.7% m/m vs prev 0.3% rvsd. 0.3% exp
- GB Halifax house prices 9.6% y/y in 3M to Jun vs prev 8.6%. 8.3% exp
- BOJ Board member Kiuchi: Sees little chance of JP hitting 2% inflation even by fiscal 2017
- House prices 30% undervalued. Buy, don't rent, says RBA official - SMH
Looking Ahead - Economic Data (GMT)
- 11:00 MBA mortgage application indices
- 14:30 EIA petroleum statistics
- 15:00 TR Ipsos Primary Consumer Sentiment Index prev 54.99
- 15:00 Kansas City Fed Labor Market Conditions Indicators (Jun)
Looking Ahead - Events, Other Releases (GMT)
- 15:45 FedTrade operation 30-yr Fannie Mae / Freddie Mac (max $2.200 bn)
- 18:00 FOMC Minutes (from meeting of June 16-17)
- 18:00 FRB San Francisco's Williams on the economic outlook; LA
Currency Summaries
EUR/USD
EUR/USD is supported around 1.1000 levels and currently trading at 1.1075 levels. It has made session high at 1.1090 and low at 1.0925 levels. The pair has retreated positively to trade higher and is set reach 1.1000 handle to the upside. Greece has formally requested a three-year loan from the European Stability Mechanism (ESM). The European Stability Mechanism has asked EU experts and IMF to review Greece's request for loan. Speculation surrounding a possible deal on Greece lifted the pair towards 1.090 levels. To the upside, immediate resistance can be seen at 1.1095. To the downside, support levels are located 1.1000, 1.0915. The pair gained almost 90 pips today and the bullish sentiment for this pair is set to continue further towards 1.0150 levels.
GBP/USD
GBP/USD is supported around 1.5325 levels and currently trading at 1.5370 levels. It has made session high at 1.5378 and low at 1.5325 levels. The pair fell sharply from 1.5460 resistance level to 1.5325 to hit monthly lows below 50 SMA. In the backdrop, meanwhile in FOMC meeting Fed most officials warned against a premature rate rise as Fed officials said they needed more convincing answer about more indicators indicating economic recovery. Crisis ridden Greece and China were also discussed in the meeting, to the upside, immediate resistance can be seen at 1.5410. To the downside, support levels are located 1.5330, the pair gained almost 90 pips today and the bearish sentiment for this pair is set to continue further towards 1.51170 levels.
USD/JPY
USD/JPY is supported around 120.40 levels and currently trading at 120.65 levels. It has made session high at 120.90 and low at 120.37 levels. The pair fell sharply from 122.06 resistance level to 120.40 to hit monthly lows below 50 SMA Yen turned safe heaven after latest development surrounding china and Greece. The pair almost fell 160 pips in intraday trading. To the upside, immediate resistance can be seen at 121.90. To the downside, support levels are located 120.40, the bearish sentiment for this pair is set to continue further towards 120 levels.
USD/CHF
USD/CHF is supported around 0.9445 levels and currently trading at 0.9556 levels. It has made session high at 0.9510 and low at 0.9407 levels. USD/CHF fell towards 0.9407, but in early US session it rebounded and climbed to test resistance level at 0.94510.the pair is set to advance further towards 0.9550 handle. To the downside, support levels are located 0.9433, To the upside, immediate resistance can be seen at 0.9510.
