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Euro Drops, US Dollar Gains as Greece Crisis Nears Endgame

Euro Drops, US Dollar Gains as Greece Crisis Nears Endgame

2015-06-15 07:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Euro Drops as Greece, Creditors Fail to Reach Agreement on Funding Deal
  • US Dollar Gains as Eurozone Jitters Fuel Risk Aversion, Stoke Haven Flows
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The Euro underperformed to start the trading week as markets respond to disappointing news-flow out of Brussels after a last-ditch effort to secure an accord between Greece and its creditors floundered over the weekend. Sideline commentary from the sit-down suggested participants are increasingly considering negotiations to be a lost cause, with this week’s Eurogroup meeting being billed as a venue to establish plans for the aftermath of failure rather than another push toward agreement.

Greece-driven jitters spilled over into market-wide risk aversion, with the US Dollar outperforming on the back of haven demand as Asian stocks declined. The economic calendar is relatively quiet in the coming hours ahead, hinting that sentiment trends will remain at the fore-front. S&P 500 index futures are pointing sharply lower, hinting investors’ dour mood is likely to keep the greenback well-supported while the single currency remains vulnerable.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

NZD

Performance Services Index (MAY)

58.0

-

56.5

23:01

GBP

Rightmove House Prices (MoM) (JUN)

3.0%

-

-0.1%

23:01

GBP

Rightmove House Prices (YoY) (JUN)

4.5%

-

2.5%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

07:15

CHF

Producer & Import Prices (MoM) (MAY)

0.1%

-2.1%

Low

07:15

CHF

Producer & Import Prices (YoY) (MAY)

-5.1%

-5.2%

Low

07:15

CHF

Retail Sales Real (YoY) (APR)

-

-2.8%

Low

09:00

EUR

Eurozone Trade Balance SA (APR)

19.0B

19.7B

Medium

09:00

EUR

Eurozone Trade Balance NSA (APR)

22.5B

23.4B

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0946

1.1092

1.1179

1.1238

1.1325

1.1384

1.153

GBPUSD

1.5280

1.5411

1.5486

1.5542

1.5617

1.5673

1.5804

--- 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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