General Commentary
Last week’s currency trading review
The EUR/USD remained strong last week with the finalization of the latest Greece aid tranche allowing the major to test resistance above 1.3000. EUR/JPY is providing support on dips with a long term reversal on the charts indicating large upside potential. The ECB meet this week and will likely to hold at 0.75% but attention will be on the ECB President press conference later.
USD/JPY was strong but failed to retest the multimonth highs at Y82.80 and instead traded in an Y82-Y82.60 range. Yen crosses were very strong with EUR/JPY and GBP/JPY hitting fresh highs at Y107 and Y132. 2012 highs for both are found at Y110 and Y134 respectively back in April. Upcoming Japanese elections are providing plenty of headlines to sell the Yen with both political parties backing aggressive monetary easing from the BOJ to help increase inflation and growth.
Currency Movement last week
EUR/USD was up 0.03% closing at 1.2982, after opening the week at 1.2978.
USD/JPY was down 0.41% closing at 82.45, after opening at 82.11.
GBP/USD was down -0.14% closing at 1.6010 after opening at 1.6031.
AUD/USD was -0.25% closing at 1.0427 after opening at 1.0453.
