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All Eyes on Greece Amid Hopes for Last-Minute Funding Deal

All Eyes on Greece Amid Hopes for Last-Minute Funding Deal

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen Drops, Aussie Dollar Higher as Greece Deal Hopes Boost Risk Appetite
  • All Eyes on Brussels as Eurozone Officials Meet for Last-Ditch Deal-Making
  • See Economic Releases Directly on Your Charts with the DailyFX News App

Tentative signs of progress toward an accord between Greece and its creditors fueled risk appetite at the start of the trading week. The Japanese Yen underperformed amid ebbing safe-haven demand while the sentiment-geared Australian Dollar pushed upward.

Athens submitted an updated set of proposed reforms to be carried out in exchange for unlocking the last tranche of funding in the country’s second bailout package, which is due to expire at the end of this month. The office of EU Commission President Jean-Claude Juncker called the overture “promising”, raising hopes that an 11th-hour compromise is taking shape.

All eyes now turn to a pair of emergency meetings in Brussels, the first among Eurozone finance ministers and the second among the currency bloc members’ heads of state. Traders await signs of a breakthrough paving the way for a deal or afinal breakdown without room to maneuver further.

Side-stepping “Grexit” is likely to boost the Euro and risk-geared FX (commodity currencies in particular) while weighing on the Yen and US Dollar. Needless to say, another disappointment stands to produce the opposite results.

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Asia Session

GMTCCYEVENTACTEXPPREV
22:00NZDWestpac Consumer Confidence (2Q)113.0-117.4
22:45NZDNet Migration SA (MAY)5140-4770
03:00NZDCredit Card Spending (MoM) (MAY)1.9%--0.4%
03:00NZDCredit Card Spending (YoY) (MAY)7.1%-7.2%
05:00JPYSupermarket Sales (YoY) (MAY)5.7%-6.4%
07:00JPYConvenience Store Sales (YoY) (MAY)1.6%4.0%

European Session

GMTCCYEVENTEXP/ACTPREVIMPACT
07:00CHFMoney Supply M3 (YoY) (MAY)1.5% (A)1.5%Low
10:30EUREurozone FinMins Hold Emergency Meeting--High
17:00EUREurozone Leaders Hold Emergency Meeting--High

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.11351.12411.12971.13471.14031.14531.1559
GBPUSD1.57501.58111.58471.58721.59081.59331.5994

--- 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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