Forex news from the European morning session 9 June 2015

News:

  • Tsipras says Grexit would be the beginning of the end for Eurozone
  • EU Commission says it has received new Greek reform proposal
  • New Greek proposals are not credible says EU officials - BBG
  • EU will review new Greek suggestions
  • ECB's Likanen says QE could last longer than Sept 2016 if needed
  • Austrian chancellor says he agrees with Greece that a 5-year plan is needed
  • Austrian fin min Schelling says he can not imagine creditors, institutions offering more concessions to Greece
  • HSBC to lay off 20,000 workers in major restructuring
  • Deutsche Bank confirm they were searched - Authorities investigating Sal Oppenheim Bank purchase
  • Option expiries 10am NY cut today 9 June

Data:

  • Eurozone Q1 2015 GDP revision details
  • Eurozone Q1 GDP qq confirmed at +0.4%
  • April 2015 UK trade balance -8.56bn vs -9.90bn exp
  • Switzerland CPI May mm+0.2% vs +0.1% exp
  • Switzerland unemployment rate May unadj 3.2% vs 3.3% prev
  • French budget balance April EUR -59.84bln vs -26.29bln prev
  • May 2015 US NFIB small business optimism index 98.3 vs 97.2 exp
  • Nikkei 225 closes down -1.76% at 20,096.30

Another bumpy ride this morning as concerns over Greece take the gloss off of the euro's fine efforts yesterday

EURUSD had a look at both 1.1300 and 1.1350 first off but as Greek headlines came out we saw the DAX plunge below 11000 and the euro found itself on the back foot, finally chewing through 1.1300 to post 1.1248.

EURGBP rose to take on the resistance/offers into 0.7400 but gave up at 0.7390 before testing 0.7360 support again. EURJPY had touched 141.00 but has fallen back to 139.60 as USDJPY gives up trying to rally back through 124.40 and posts 123.90

GBPUSD posted 1.5375 in the early rush but was capped by the EURGBP buying at that time and was soon in retreat to 1.5272 only to then find bids as EURGBP capped out and found itself in its own move lower

USDCAD looked heavy into 1.2440 as oil prices firmed and we're now on 1.2352 session lows while AUDUSD found support at 0.7650 to rally back up through 0.7700 on the general USD weakness and EURAUD selling.

Nothing of note data wise to come but that's not going to stop this market from dancing on hot coals still