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Forex - Euro stronger on progress in Greece talks, China PMI ahead

ForexJun 22, 2015 07:59PM ET
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Euro stronger on Greece talks progress

Investing.com - The euro gained in early Asia on Tuesday as talks on Greece's debt appeared to be moving ahead.

EUR/USD changed hands at 1.1373, up 0.18%, while USD/JPY traded at 123.33, up 0.41%. AUD/USD was quoted at 0.7757, down 0.15%.

Greece's Prime Minister, Alexis Tsipras told reporters late Monday that proposals submitted to creditors to resolve the country's immediate debt obligations are aimed at fairness and that they should be adopted.

"I will use a term the EU leaders are using: the ball is now on EU leadership court," he concluded.

He made the remarks after the Emergency Eurozone summit in Brussels, adding that deliberations will continue for "a few more days" in order to secure the best possible deal for Greece.

European Commission President Jean-Claude Juncker earlier said Greece's proposals are a step in the right direction and that he was confident a deal could be finalized this week.

"I am convinced that we will come to a final agreement this week, for the simple reason that we have to find an agreement this week," he said. "We cannot play, as is said in football, for extra time any longer."

In Australia comes the first quarter housing price index at 1130 Sydney time (0130 GMT) with a quarter-on-quarter gain of 2.3% expected.

In China the June Markit Flash Manufacturing PMI is due at 0945, the first without HSBC following the end of their distribution deal. It is expected to show some improvement over May's final 49.2.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.03% to 94.28.

Overnight, the dollar turned lower against a basket of other major currencies on Monday, even after data showed that U.S. existing home sales rose more than expected in May to hit the highest level since 2009.

The National Association of Realtors reported on Monday that U.S. existing home sales increased 5.1% to 5.35 million units last month from 5.09 million in April. Analysts had expected existing home sales to rise 4.4% to 5.26 million units in May.

The greenback had come under pressure after the Federal Reserve's rate statement last week tempered expectations for a rate hike later this year.

Forex - Euro stronger on progress in Greece talks, China PMI ahead

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