EUR/USD
Euro surged on Wednesday, moving back above 1.12 for the first time in 10 sessions, as Greece inched closer to striking a deal with its creditors and ECB President Mario Draghi triggered a bond rout with market-moving comments. Greece has described its latest proposal to its trio of creditors as its "last, best offer." Athens officials said Wednesday that it will delay payment on a €305 million obligation to the IMF on Friday if a deal is not reached in the next several days. Meanwhile, ECB President Mario Draghi said the bank's asset purchase programs will continue until the end of September 2016, and until the path of inflation is consistent with our aim of achieving inflation rates below, but close to, 2%.
GBP/USD
The pound fell to session lows against the dollar on Wednesday, after data showing that the U.K. service sector expanded at the slowest rate in five months in May fueled concerns that the economy is slowing. Sterling came under pressure after the Markit (NASDAQ:MRKT) services purchasing managers' index slowed to 56.5 last month from 59.5 in April. It was its lowest level since December. Economists had expected the index to tick down to 59.2.
USD/JPY
The dollar turned lower against a basket of other major currencies on Wednesday, after the release of mixed U.S. economic reports and as positive remarks by European Central Bank President Mario Draghi boosted demand for the single currency.
