Forex news from the European morning session 15 June 2015

News:

  • EU's Oettinger says Greece will be in a "state of emergency" from July 1 without an agreement
  • EU's Dombrovskis says Greek deal dependent on political will
  • EU's Kaitanen says Greek govt has not co-operated
  • Greek govt spokesman says they are not leaving negotiations
  • BUBA head Weidmann says time is running out for Greece
  • Tsipras says Greece waiting for creditors to become more realistic
  • EU Commission says it's ready to engage in further talks if Greece presents some new proposals
  • Greek government has reached limits on proposals says Sakellarides
  • Tsipras will have to decide whether to call an election or referendum if talks fail
  • Scenarios for elections or referendums are not on the table says Greece
  • Greek negotiating team to meet Tsipras at 09.30 gmt - Livesquawk
  • Nowotny can't say when ECB would pare ELA for Greece
  • CDU's Kauder says German parliament won't back any Greek deal that does not include IMF
  • RBA's Kent says further fall in AUD likely and necessary, especially given lower commodity prices
  • RBA's 'Kent says its hard to find evidence that monetary policy is less effective
  • ECB's Nowotny seeing first signs of success from QE
  • ECB's Praet says potential growth in Eurozone is weak
  • BUBA's Weidmann says high public debt and resulting tax burden could dampen Eurozone growth
  • There are signs of gradual convergence towards HICP target says Bundesbank
  • Japanese government raises investment outlook for the first time in 6 months
  • Option expiries 10am NY cut today 15 June

Data:

  • Italian CPI May final mm +0.1% vs +0.2% flash
  • April 2015 Eurozone trade balance 24.9bn vs 22.5bn exp nsa
  • Swiss producer import prices May mm -0.8% vs -2.1% prev
  • Nikkei 225 closes down -0.09% at 20,387.79

Headline city for Greece today and after an early wobble we've seen a decent rally for the euro only to then run out of steam.

Asia favoured the euro sell-side but it wasn't long before Europe took the opportunity to pick up some cheaper ones and we've seen EURUSD rise from 1.1189 to 1.1260 dragging EURGBP up to 0.7249 from 0.7210 and EURJPY to 139.11 from 138.55

But the move then ran out of steam as sellers took the opportunity to unload/take profit and we've been down to 1.1208, 0.7234 and 138.54 as I type

GBPUSD found it difficult to rally past 1.550 capped by EURGBP demand and needed little excuse to turn lower to 1.5488 as EURUSD retreated amidst some general USD buying

USDJPY has chewed it's way from 123.35 through cross related demand then offers to post 123.65 while USDCHF has enjoyed a ride 0.9300 to 0.9346 with EURCHF finding a bid from 1.0440 to 1.0478.

AUDUSD and NZDUSD have remained on the back-foot but holding their own with the former barely bothered by RBA comments again. USDCAD has made steady progress from 1.2315 to 1.2360 on stronger USD/weaker oil combo

ECB's Draghi speaks at 13.00 GMT and we have US mftg and industrial production out too to keep things ticking over and traders on their toes