The euro raise about 120 pips after IMF agreed to help Greece debt situation on friday. And Eur/Usd open higher about 70 pips gap on monday market open. The Greek bond sale will be an important hurdle for the EUR, but it is unlikely to prove to be the last suggesting that the present move higher in EUR/USD is likely to prove to be temporary. The better mood concerning EMU has lifted risk appetite this morning. Adding to the positive tone was better than expected Eurozone business confidence data. The JPY, however, has been reluctant to extend its softer tone into the European morning. USD/JPY has held within its recent range close to the JPY90.50 area; the upside in EUR/JPY stumbled at the 125.25 technical resistance area. The performance of the US treasury market is set to remain a dominating influence on USD/JPY this week. Expectations for a positive US payroll report on Friday are likely already well priced in suggesting the USD/JPY longs may be vulnerable to a disappointment on payrolls and potentially to further signs of Japanese economic improvement in this week's Tankan survey.
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