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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

GMT

CCY

EVENT

ACT

EXP

PREV

22:00

NZD

Westpac Consumer Confidence (2Q)

113.0

-

117.4

22:45

NZD

Net Migration SA (MAY)

5140

-

4770

03:00

NZD

Credit Card Spending (MoM) (MAY)

1.9%

-

-0.4%

03:00

NZD

Credit Card Spending (YoY) (MAY)

7.1%

-

7.2%

05:00

JPY

Supermarket Sales (YoY) (MAY)

5.7%

-

6.4%

07:00

JPY

Convenience Store Sales (YoY) (MAY)

1.6%

4.0%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

07:00

CHF

Money Supply M3 (YoY) (MAY)

1.5% (A)

1.5%

Low

10:30

EUR

Eurozone FinMins Hold Emergency Meeting

-

-

High

17:00

EUR

Eurozone Leaders Hold Emergency Meeting

-

-

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.1135

1.1241

1.1297

1.1347

1.1403

1.1453

1.1559

GBPUSD

1.5750

1.5811

1.5847

1.5872

1.5908

1.5933

1.5994

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

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Contact and follow Ilya on Twitter: @IlyaSpivak

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

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