The Euro is trading at 1.1197 at the moment.  The low has traded at 1.1133 while the high has been 1.1240.  Today is deadline day for Greece who is expected to make a payment to the IMF today as an agreed repayment for loans from its European creditors.  At this point it looks highly probable that Greece will default on the 1.6 billion Euro payment.  Default by Greece will immediately spark concerns of the country’s solvency and increase chances of exit from the EU.  Having shut down the banking system on Monday, Greece has ordered lenders to stay closed for six days.  This action followed the decision of the ECB to not allow Greece access to any further emergency funding.  As a result, negotiations broke off on Saturday with a snap referendum planned for July 5 on whether to accept the terms proposed by its European lenders for extending the bailout of the country.  Earlier today, German Retail Sales surpassed expectations to register 0.5%.  This was followed by French Consumer Spending which was lower than expected with 0.1%.  German Unemployment Change was lower than expected with -1K recorded.  Italian Monthly Unemployment rate improved to 12.4%.  European Flash Estimate CPI, European Core Flash Estimate CPI, and European Unemployment Rate all met expectations with 0.2%, 0.8% and 11.1% respectively.  Italian preliminary CPI was lower than expected with 0.1%.  The Euro proceeded to then touch its low of the day before rebounding to current levels.

The British Pound is trading at 1.5724 at present.  Sterling has traded as low as 1.5692 while the high has been 1.5745.  Sterling has remained range bound despite the Greek debt crisis dominating the markets.  UK Current Account Deficit is larger than expected with -26.5 billion Pounds recorded.  However, UK Final GDP and UK Index of Services both met expectations registering 0.4% and 0.5% respectively.  On a positive note, UK Revised Business Investment was 2.0% which is better than forecast.  While this data is largely considered positive for the Pound, downside pressure as a result of the unresolved Greek debt crisis seems inevitable as a pending default by Greece seeps into the mindset of investors.

The Japanese Yen is trading at 122.35 currently.  USD/JPY has traded as low as 121.93 while the high has been 122.72.  The Yen has firmed a bit more today as investors look for more opportunities in the currency markets and the Yen is recognized as a safe currency to invest in at present.  Japanese Average Cash Earnings was lower than expected registering 0.6% while Japanese Housing Starts were also lower than expected with 5.8%.  This data allowed the US dollar to recover some of the losses it made earlier in the day.  Of course the Greek debt crisis still dominates the headlines while the USD/JPY trades more closely to its fundamentals.

AUD/USD is trading at 0.7678 with the low being 0.7659 while the high has been 0.7694.

USD/CAD is trading at 1.2386 with the low being 1.2372 and the high being 1.2424.



This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.