All eyes on Greece, USD weaker

​​FX markets remain focused on developments around the Greek negotiations. Last week markets traded on positive sentiment over a Greek debt package, however this week has started on a more negative tone. We stress that the situation is dynamic with no deal being inked despite intense decision over the weekend. ​While reform measures provided by the Greek government were well received by institutions and Eurozone members there remains a high level of skepticism over the ability of the Greek government

Loonie trading on a weaker footing this morning

On the macro front, Canada’s unemployment rate remained unchanged at previous month’s level of 6.8% in June, albeit markets expectations were for it to rise to 6.9%. Meanwhile, the number of employed people in the nation eased by 6.40 K in June, compared to a gain of 58.90 K in May.

Euro stabilizing at 1.1150

On Monday the euro/dollar closed down but didn’t quite reach the forecasted target of 1.1070. The fall of the euro stopped around 1.1130. The euro was weak against the dollar and pound because of problems with Greece. The European Commission convened but came to no positive conclusions about Greece. There is some progress, but the negotiation process between Greece and its creditors is slow.

Pound/dollar is on the way to 1.5290

​​Attempt of bears to return the control over pound/dollar has come to grief at the 51-st figure where pair have redeemed, and, having brokethrough resistance in area of 52-nd figure, has risen up to a level of 1.5261. ​Thus, in short-term prospect testing possible the resistance in the area 1.5290-1.5300, marked by us as the nearest target of bulls.

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Fundamental

Euro stabilizing at 1.1150

On Monday the euro/dollar closed down but didn’t quite reach the forecasted target of 1.1070. The fall of the euro stopped around 1.1130. The euro was weak against the dollar and pound because of...