Forex news from the European morning session 15 July 2015

News:

  • Greek economy minister says ministers who don't vote today for deal must quit
  • Greece's Spahn says IOUs are one possibility to achieve bridge financing
  • EU's Dombrovskis says EFSM is best for Greek short-term financing
  • EU Commission says Greek banking system collapse could carry contagion
  • Greek fin min says government accepted compromise on deal with creditors
  • EU's plan for Greek bridging loan is for €7bn for 3 months
  • Timeline for Greek vote
  • France's Sapin says he's on the same page with IMF in calling for Greek debt relief, not a haircut
  • Kuroda says BOJ has no plans to change policy at this point
  • BOJ's Kuroda says economic recovery is spreading to Japan's regions
  • More from Kuroda: Japanese GDP growth could be lower in Q2 than Q1
  • Here's why the rise in UK unemployment isn't a bad thing
  • Option expiries 10am NY cut today 15 July

Data:

  • June 2015 UK labour market report claimant count +7.0k vs -8.8k exp
  • French HICP June mm -0.1% vs +0.1% exp
  • Nikkei 225 closes up +0.38% at 20,463.33

It's been a quieter session as we wait on the outcome of the Greek parliamentary vote but not one without its moments

EURUSD had an early dip to 1.0987 from 1.1005 on renewed concerns re Greece and that pulled EURGBP down to 0.7025 from 0.7035 and EURJPY to 135.65 from 135.85 but it was short-lived as buyers returned and we saw moves back to 1.1035, 0.7040 and 136.35

EURGBP then go another leg up to 0.7069 courtesy of some softer UK wages and jobs headlines which also saw cable fall from 1.5676 to 1.5610 but the pound is still finding buyers in the dips

USDJPY has had a relatively quiet time of it dragged around between 123.30-60 by cross plays again while USDCHF has picked up a bid to 0.9489 from 0.9450 as EURCHF found more buyers at 1.0400. Can't rule out SNB "smoothing"

USDCAD has also had a steady move higher to 1.2771 from 1.2730 as CAD weakness continues ahead of BOC rate decision later while AUDUSD and NZDUSD have both found offers on the rally with 0.7500 and 0.6720 bridges too far

So, all eyes on the Greek parliament and BOC. Should be an interesting session to come