Euro Drops, US Dollar Gains as Greece Crisis Nears Endgame
- 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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|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%|
|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|
|CCY||Supp 3||Supp 2||Supp 1||Pivot Point||Res 1||Res 2||Res 3|
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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