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Euro Shrugs Off Greece Deadlock Despite Seemingly Growing Risks

Euro Shrugs Off Greece Deadlock Despite Seemingly Growing Risks

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro Shrugs Off Lackluster Ecofin Meeting Despite Rising Greece Risks
  • Kiwi Dollar Gains with Bond Yields, Hinting at Bets Against RBNZ Cut
  • See Economic Data Directly on Your Charts with the DailyFX News App

Currency markets were largely mired in consolidation mode in overnight trade despite seemingly ominous cues from the weekend’s Ecofin meeting in Riga. Newswires suggest the talks broke down amid procedural disputes between Greek Finance Minister Yanis Varoufakis and his counterparts, with apparently little time devoted to matters of substance.

The markets’ complacency despite seemingly growing Greece-fueled instability risk is surprising. Perhaps investors are holding out hope for a move to sideline Mr Varoufakis and deal with Prime Minister Alexis Tsipras directly, which some reports suggest may be more receptive to compromise. In any case, the Euro looks relatively unfazed thus far, with prices edging toward the top of their recent range against the US Dollar.

The New Zealand Dollar narrowly outperformed, rising as much as 0.5 percent on average against its leading counterparts. The move played out against backdrop of an increase in the island nation’s benchmark 10-year bond yield, hinting the move may have reflected speculation that the RBNZ will not cut interest rates at this week’s policy meeting.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:30

CNY

Industrial Profits (YoY) (MAR)

-0.4%

-8.0%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

6:00

EUR

Import Price Index (MoM) (MAR)

0.4%

1.4%

Low

6:00

EUR

Import Price Index (YoY) (MAR)

-2.0%

-3.0%

Low

7:00

CHF

SNB Sight Deposits

-

-

Low

10:00

GBP

CBI Trends Total Orders (APR)

4

0

Low

10:00

GBP

CBI Trends Selling Prices (APR)

2

4

Low

10:00

GBP

CBI Business Optimism (APR)

19

15

Low

12:00

EUR

ECB’s Constancio Speaks in Brussels

-

-

Medium

13:45

EUR

ECB Announces Asset Purchases

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0623

1.0738

1.0806

1.0853

1.0921

1.0968

1.1083

GBPUSD

1.4815

1.4975

1.5081

1.5135

1.5241

1.5295

1.5455

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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