AUD/USD: 0.7675EUR/USD: 1.1215It has been a wild ride today, although the Euro managed to recover all of its early losses, and more, despite the ongoing Greek tragedy. The yen remained strong in acting as a safe haven, while the dollar came under broad pressure and gave up its early gains against all its counterparts. Equities had a rough session, led lower by European markets, and followed up by the US indices, with the DJ & S+P both down around 2%. Greece will again be the sole focus today, with the IMF debt repayment due by the end of the session. Until then it will be choppy, but possibly rangebound, until we find out if the Greek Government actually make the payment, or more likely not. Attention will then turn to the weekend referendum, before which, the US Jobs/NFP data is due on Thursday
After opening near session low of 0.7587, the Aud filled the chart gap, and after some choppy trade in Asia /Europe eventually squeezed up to 0.7711 in NY before turning lower once more to finish at 0.7680.
The charts are indecisive and another choppy session within Monday’s range would not therefore surprise.
The dailies are currently lacking any real momentum and it would therefore appear that the overall 0.7600/0.7800 range of recent days is going to continue in the sessions ahead, possibly until Thursday’s NFP release.
Watch out today for a speech from the RBA Governor, Glen Stevens, who will probably take the opportunity to talk the Aud lower.
Economic data highlights will include:
HIA New Home Sales, Private Sector Credit, RBA Stevens Speech.
Jim LanglandsFX Charts www.fxchartsdaily.com
