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Pound to Look Past BOE Rate Decision, Greece Crisis Back in Focus

Pound to Look Past BOE Rate Decision, Greece Crisis Back in Focus

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen Pulled Back, Australian Dollar Rose as Risk Appetite Stabilized in Asia
  • Bank of England Policy Decision Likely a Non-Event for the British Pound
  • Greece Crisis Back in Focus as PM Tsipras Submits New Debt Deal Plan

The Japanese Yen underperformed in overnight trade, falling as much as 0.6 percent on average against its leading counterparts, as a recovery in risk appetite weighed on the safety-linked currency. The sentiment-geared Australian Dollar advanced, adding 0.7 percent against the majors.

Besides ebbing risk aversion, the Aussie unit found added support in upbeat Employment data. The economy unexpectedly added 7.3k jobs in June, topping forecasts calling for a flat outcome. Australian front-end bond yields pushed higher after the release, suggesting the outcome helped trim RBA interest rate cut speculation.

Looking ahead, a monetary policy announcement from the Bank of England headlines the economic calendar in European trading hours. No changes are expected, which typically means Governor Mark Carney and company will issue no forward guidance statement. That means the announcement will probably amount to a non-event for the British Pound.

The crisis in Greece will likewise return to the spotlight. Prime Minister Alexis Tsipras is due to submit a new proposal for a deal exchanging reforms for new EU bailout funding. Traders will be watching the newswires for confirmation that Athens met the deadline and any commentary from the creditor camp on the proposal’s merit. Firm directional cues seem unlikely until the weekend’s EU summit however.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:00

NZD

ANZ Truckometer Heavy (MoM) (JUN)

1.6%

-

-1.0%

22:45

NZD

Card Spending Retail (MoM) (JUN)

0.5%

0.5%

1.3%

22:45

NZD

Card Spending Total (MoM) (JUN)

0.6%

-

1.4%

23:01

GBP

RICS House Price Balance (JUN)

40.0%

36.0%

34.0%

23:50

JPY

Machine Orders (MoM) (MAY)

0.6%

-4.9%

3.8%

23:50

JPY

Machine Orders (YoY) (MAY)

19.3%

16.7%

3.0%

23:50

JPY

Money Stock M2 (YoY) (JUN)

3.8%

4.0%

4.1%

23:50

JPY

Money Stock M3 (YoY) (JUN)

3.1%

3.3%

3.3%

01:30

CNY

CPI (YoY) (JUN)

1.4%

1.3%

1.2%

01:30

CNY

PPI (YoY) (JUN)

-4.8%

-4.6%

-4.6%

01:30

AUD

Employment Change (JUN)

7.3K

0.0K

40.0K

01:30

AUD

Unemployment Rate (JUN)

6.0%

6.1%

5.9%

01:30

AUD

Full Time Employment Change (JUN)

24.5K

-

15.1K

01:30

AUD

Part Time Employment Change (JUN)

-17.2K

-

24.9K

01:30

AUD

Participation Rate (JUN)

64.8%

64.7%

64.7%

02:00

JPY

Tokyo Avg Office Vacancies (JUN)

5.12

-

5.17

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

06:00

EUR

German Trade Balance (MAY)

20.5B

22.8B

Medium

06:00

EUR

German Current Account Balance (MAY)

16.0B

19.6B

Medium

06:00

EUR

German Exports (MoM) (MAY)

-0.8%

2.0%

Medium

06:00

EUR

German Imports (MoM) (MAY)

0.1%

-0.8%

Medium

06:00

JPY

Machine Tool Orders (YoY) (JUN P)

-

15.0%

Low

11:00

GBP

BOE Asset Purchase Target (JUL)

375B

375B

High

11:00

GBP

Bank of England Bank Rate (JUL 9)

0.5%

0.5%

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0810

1.0929

1.1003

1.1048

1.1122

1.1167

1.1286

GBPUSD

1.5112

1.5249

1.5305

1.5386

1.5442

1.5523

1.5660

--- 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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