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Market Brief
Forex markets remain focused on developments surrounding the Greece aid negotiations. Yesterday’s rumors that Greece might request extensions to the current bailout helped reduce the pressure on financial markets. However, clearing away the rhetoric anonyms statements, parties still are at an impasse and time for finding a solution is limit. In addition, on the geopolitical front, the recently negotiated cease-fire agreement between Russia and Ukraine looks to be on the brink of collapse. FX markets need solid, verifiable positive news to keep the current risk recovery moving. Asia regional indices are mostly higher, following S&P closing at a record high of 2100. The Nikkei rose 1.18%, Hang Seng and ASX up 0.19% and 0.98% respectably.

USDJPY in thin trading, bounced about 118.90 to 119.30 as the BoJ held monetary policy in a vote 8-1, to maintain QQE. Higher US yields were supportive but large option expiries at 119.00 and 119.50 kept upside restrained. JPY spikey price action was due to US 10-yr treasury’s moving sharply upwards in Asia before settling down at 2.11%. Optimism over a potential deal with Greece had traders cut safe-haven trades including US treasuries and Gold which has fallen 2.63% in three days. EURUSD consolidated around 1.1400 for most of the session but now bearish monument is starting to take hold. Yet with EURUSD short still dominate, downside should be limited despite mounting headwinds from Russia and Greece. AUDUSD remained bid post RBA less dovish minutes trading between 0.7805 and 0.7832. Traders are focused on 0.7880 which would signal a trend reversal. AUDNZD consolidated loses around 1.0370 right above all time low at 1.0333.

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