ForexLive North American wrap: Rising hopes for Greek government

Greece's Democratic Left renews hopes of coalition government Syriza surges in latest Greek poll US initial jobless claims 367K vs 368K exp US GDP forecasts revised lower after larger trade deficit Bernanke says choppy recovery keeping credit sluggish NIESR estimates UK contracted 0.2% in Q1 vs +0.1% prior estimate EU ministers to meet Monday, will discuss Greece S&P: Spanish moves on banks positive Spain to get more time  to deliver deficit goals Japan could intervene if it sees excessive speculation US monthly budget surplus largest since 2008 S&P 500 gains 0.2% to 1358 AUD leads, JPY lags Ho-hum session for the euro in a 40 pip range and closing at 1.2946. Positive comments about the potential for a Greek coalition pushed EUR/USD to a session high at 1.2979 but the move quickly stalled out. The momentum from the BOE decision continued two hours into US trading, sending cable above 1.6180 but the move stalled out after options expiration and briefly traded below 1.6150 late in the day. Rising US bond yields boosted USD/JPY despite a strong 30-year Treasury auction. The pair flirted with 80.00 throughout the day but has not been able to break higher. The commodity bloc had some momentum in the early going but it was short-lived as USD/CAD rebounded above parity and AUD/USD below 1.01.