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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

GMTCCYEVENTACTEXPPREV
22:00NZDANZ Truckometer Heavy (MoM) (JUN)1.6%--1.0%
22:45NZDCard Spending Retail (MoM) (JUN)0.5%0.5%1.3%
22:45NZDCard Spending Total (MoM) (JUN)0.6%-1.4%
23:01GBPRICS House Price Balance (JUN)40.0%36.0%34.0%
23:50JPYMachine Orders (MoM) (MAY)0.6%-4.9%3.8%
23:50JPYMachine Orders (YoY) (MAY)19.3%16.7%3.0%
23:50JPYMoney Stock M2 (YoY) (JUN)3.8%4.0%4.1%
23:50JPYMoney Stock M3 (YoY) (JUN)3.1%3.3%3.3%
01:30CNYCPI (YoY) (JUN)1.4%1.3%1.2%
01:30CNYPPI (YoY) (JUN)-4.8%-4.6%-4.6%
01:30AUDEmployment Change (JUN)7.3K0.0K40.0K
01:30AUDUnemployment Rate (JUN)6.0%6.1%5.9%
01:30AUDFull Time Employment Change (JUN)24.5K-15.1K
01:30AUDPart Time Employment Change (JUN)-17.2K-24.9K
01:30AUDParticipation Rate (JUN)64.8%64.7%64.7%
02:00JPYTokyo Avg Office Vacancies (JUN)5.12-5.17

European Session

GMTCCYEVENTEXPPREVIMPACT
06:00EURGerman Trade Balance (MAY)20.5B22.8BMedium
06:00EURGerman Current Account Balance (MAY)16.0B19.6BMedium
06:00EURGerman Exports (MoM) (MAY)-0.8%2.0%Medium
06:00EURGerman Imports (MoM) (MAY)0.1%-0.8%Medium
06:00JPYMachine Tool Orders (YoY) (JUN P)-15.0%Low
11:00GBPBOE Asset Purchase Target (JUL)375B375BHigh
11:00GBPBank of England Bank Rate (JUL 9)0.5%0.5%High

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.08101.09291.10031.10481.11221.11671.1286
GBPUSD1.51121.52491.53051.53861.54421.55231.5660

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

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