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Euro Drops, US Dollar Gains as Greece Crisis Nears Endgame

Euro Drops, US Dollar Gains as Greece Crisis Nears Endgame

Ilya Spivak, Head Strategist, APAC

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

GMTCCYEVENTACTEXPPREV
22:30NZDPerformance Services Index (MAY)58.0-56.5
23:01GBPRightmove House Prices (MoM) (JUN)3.0%--0.1%
23:01GBPRightmove House Prices (YoY) (JUN)4.5%-2.5%

European Session

GMTCCYEVENTEXPPREVIMPACT
07:15CHFProducer & Import Prices (MoM) (MAY)0.1%-2.1%Low
07:15CHFProducer & Import Prices (YoY) (MAY)-5.1%-5.2%Low
07:15CHFRetail Sales Real (YoY) (APR)--2.8%Low
09:00EUREurozone Trade Balance SA (APR)19.0B19.7BMedium
09:00EUREurozone Trade Balance NSA (APR)22.5B23.4BMedium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.09461.10921.11791.12381.13251.13841.153
GBPUSD1.52801.54111.54861.55421.56171.56731.5804

--- 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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