Euro opened the week sharply lower, together with stock markets as Greek crisis intensified. Greek prime minister Alexis Tsipras called for a referendum on July 5 over the weekend to decide whether to accept the bailout package by the international creditors. That was followed by news that ECB froze the Emergency Liquidity Assistance to Greek banks. Greece then announced that banks will be closed today to prevent collapse in the banking system as depositors would rush to withdraw their money. And, the country also imposed credit control and only a daily limit of EUR 60 is allowed from the cash machines.
EUR/USD breached 1.1 level as it gapped lower, down from last week's close of 1.1171. EUR/JPY also dipped to as low as 133.77 and is now trading at 135.50. EUR/GBP took out this year low of 0.7013 and reached as low as 0.6985 and continues to press 0.7 handle. Yen is the biggest winner so far on risk aversion. USD/JPY dived to as low as 122.09 but is back at around 123.00 at the time of writing. The Swiss Franc is relatively steady against dollar.
On the data front, Japan retail sales rose 3.0% yoy in May versus expectation of 2.4% yoy. Industrial production dropped -2.2% mom in May versus expectation of -0.7% mom. In European session, UK will release mortgage approvals and M4 money supply. Eurozone will release business climate and confidence indicators. German will release CPI. In US session, US will release pending home sales while Canada will release IPPI and RMPI.
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Euro Broadly Lower As Greek Crisis Intensifies
Published 06/29/2015, 05:48 AM
Updated 03/09/2019, 08:30 AM
Euro Broadly Lower As Greek Crisis Intensifies
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