ForexLive news and trading headlines 3 July 2015

  • EU's Dijsselbloem says IMF debt analysis models are outdated
  • EFSF declares Greece in default
  • EU may push for Greek aid deal even if vote is a no - BBG
  • Tsipras want's a 30% debt haircut
  • Latest polls show how tight the vote is Yes - 42.5% No - 43.0%
  • Another Greek poll shows yes's at 44.1% vs 43.7% for no
  • Greek banks will have liquidity through Monday morning
  • Credit Agricole warn of weekend Greek risks to the euro
  • Is the Greek referendum even legally binding?
  • Greek Council of State uphold referendum
  • Trouble in Syntagma Square as protesters clash with police
  • Options traders making their plays ahead of Greek vote
  • Which way will the EURUSD gap on Monday?

The US has been let off Greek duty with their holiday today and so left Europe to get on with it and their problems

As the European day worn on risk trades were reduced and the yen became the place to go to

GBPJPY lost around 160 pips to a low of 190.90 while EURJPY faired a tad better losing only 93 from the 136.85 highs

USDJPY got in the same boat and shed 75 pips to 122.60 in the same period.

EURUSD was sucked along for the ride and fell from just under 1.1120 to 1.10777. We staged a modest comeback on the dead cat bounce, managing to reach the lofty heights of 1.1108 before right as the last offices in Europe emptied out we fell a quick 40 odd pips to 1.1065

GBPUSD managed to beat the NFP low yesterday by two pips to 1.5563 but again bounces have been weak to just under 1.5585

AUDUSD is fighting the devil and the angel on it's shoulders as it decides whether to put in another bottom or break the year's lows around 0.7500/20

Swiss pairs have been relatively calm in the face of the risk reduction or risk from Greece and perhaps the new threat of SNB intervention is seeing traders leaving it well alone. That might be as good as a win for the SNB right now

That's me done for the week but we'll been keeping our eyes on the weekend news as usual

Thank you all for coming to ForexLive once again, and I hope you all have a great weekend and happy Independence Day to our yank friends