Greece get a four-month extension

<p>Greece finally came to an agreement with the powers that be on Friday afternoon, with a loan extension granted for four months. We saw a […]</p>

Greece finally came to an agreement with the powers that be on Friday afternoon, with a loan extension granted for four months. We saw a sharp rally when the rumours were coming in of an agreement on Friday, and EUR/USD hit highs of 1.1428 as stops triggered above the 1.1400 handle. Once the dust settled, the Euro started to fall away as the market realised this is not over and there’s a short time-frame to agree more deals with Greece.

Today is a quiet day for data, with the main release being Germany’s IFO Business Climate which is expected to be at 107.4 – an improvement from last at 106.7. EUR/USD is currently trading weaker from the close on Friday now below 1.1350.

The GBP/USD is currently trading below the 1.5400 handle. As low as 1.5370 has been seen but the currency pair has been meeting some support around that level. The only data out from the UK today is the CBI realised Sales which is expected at an improved 42 from 39 last time. This could be a bit weaker after Friday’s weak retails sales were reported.

The USD/JPY has started to climb this morning after a neutral stance over the Asian session, more linked to the strong dollar across the board.



 1.1290-1.1210-1.1140 | Resistance 1.1445-1.1510-1.1595



118.51-117.95-117.60 | Resistance 119.40-119.75-120.30



1.5340-1.5295-1.5250 | Resistance 1.5430-1.5480-1.5530

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