ForexLive US wrap: Euro edges up further ahead of Greek vote
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Japanese PM Noda: Yen gains do not reflect fundamentals, to explain to G20
Spanish deputy PM Saenz: We can't afford these high interest rates (10 year debt closes at 6.92%)
Empire State Manufacturing index falls to +2.3 in June from +17.1 in June
Italy to sell property, streamline ministry staffs
Canada factory orders fall 3.2% in April
US industrial production falls 0.1% in May, weaker than expected
University of Michigan consumer sentiment index falls to 74.1 versus expectations of 77.0, Lowest since December '11
Bini-Smaghi- No mechanism for country to leave euro zone
IMF: Spain likely to miss 2012 budget target
Bloomberg: ECB may cut rates
Basel III banking requirements may be watered down
Market trimmed euro short position by 9%: CFTC
US 10-year note yield falls 6 bp to 1.58%
S&P 500 rises 1% to 1342
The market continued to trim safe-haven plays on the belief that Greek conservatives will be able to form a pro-bailout coalition. EUR/USD roses as high as 1.2654 and closes near its highs despite a Bloomberg report indicating that the majority of ECB policy makers are prepared to lower rates further.
1.5672, the 38.2% retracement of the drop from 1.3284 to 1.2288 comes in at 1.2672, which was the high last Monday after the Spanish bailout. 1.2785 is the 50% retracement of that same move and a target on the upside if New Democracy wins the election Sunday.
GBP/USD rallied strongly today, triggering stops above 1.5600 and rising as far as 1.5696 late in the day in thin trade.
Commodity currencies rose on growing expectations that the UK, UK and ECB will all add liquidity of one sort or another in the coming weeks. AUD ends at 1.0088 and USD/CAD at 1.0220.
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