Forex news for US trading May 25, 2015:
- Fed's Fischer: 'People don't want to raise rates' then reverse
- Fed's Mester says 'time is near' for rate hike
- Fed's Mester: Macroprudential tools should be first line of defense against financial instability
- IMF's Blanchard: Greece's 3% surplus target is unrealistic
- G7 to discuss recent FX moves, Canadian official says
- ECB bond buying tally hits €134B
- Greece will pay wages and pensions in May says government
- Greek stocks fall 3.1%
- Gold up 70-cents to $1207
- WTI crude up 10-cents to $59.82
- Toronto TSX down 0.06% to 15190
- AUD leads, EUR lags
There were a few developments in the Greek drama that have resulted in the bulk of market moves today. The main one was a threat/promise from Interior Minister Voutsis not to pay the IMF on June 5. Tsipras, in an op-ed, blamed creditors for the impasse in talks but was still optimistic something could be done before the end of the month.
EUR/USD slumped early in Europe, falling to 1.0960 from 1.1010 but then began to consolidate around 0.1980 before a pop to 1.0992. US traders sold back to 1.0970 but it crept back to 1.0980 late.
USD/CAD was the only other notable mover. Oil staged a bit of a late-day comeback but it didn't help the loonie at all. USD/CAD hit a session 1.2318 after Europe closed. Last at 1.2311 after starting Canadian trading at 1.2280.
Overall, it was a very quiet day of trading with the US and core financial centers in Europe on holiday.
