U.S. Session Forex Recap – June 22, 2015

  • CA retail sales: -0.1% vs. 0.7% expected, 0.9% previous
  • CA core retail sales: -0.6% vs. 0.3% expected, 0.7% previous
  • CA CPI: 0.6% vs. 0.6% expected, -0.1% previous
  • CA core CPI: 0.4% vs. 0.3% expected, 0.1% previous
  • Greece submits proposal to EU leaders over the weekend
  • NZ Westpac consumer confidence: 113.0 vs. 117.4 previous
  • Chinese markets out on Dragon Boat Festival

With no major U.S. reports on deck, forex traders turned their attention to Canadian data and updates on Greece’s debt drama.

The euro was under the spotlight during the U.S. session after the ECB decided to extend Greece’s Emergency Liquidity Assistance (ELA) by 1.8 billion EUR on top of Wednesday’s 1.1 billion EUR increase. The extension provided small relief for investors who were worried about a bank run in Greece.

This is probably why the euro inched higher against some of its major counterparts. EUR/USD climbed by 39 pips (+0.35%) to 1.1346 while EUR/GBP rose by 11 pips (+0.15%) to .7148 despite the pound also making gains across the board. The euro’s move wasn’t consistent though, as it steadied against the yen and lost 45 pips (-0.43%) against the franc.

The Loonie was also in focus after Canada printed its retail sales and inflation numbers. Both headline and core retail sales missed investor expectations, while consumer prices in Canada mostly came in line with market players’ expectations. Unfortunately for Loonie bulls, traders were more concerned over the data misses than the tepid inflation reading.

USD/CAD ended the session mostly unchanged near the 1.2280 area but CAD/JPY showed a 40-pip decline (-0.40%) to 100.06. It also lost against its European counterparts with EUR/CAD jumping by 58 pips (+0.42%) to 1.3917 and GBP/CAD holding the .7835 area.

Forex price action for the rest of the major currencies was as mixed as a bag of nuts. The yen got a bit of support, likely on risk aversion flows ahead of weekend talks between Greece and the euro zone officials. Meanwhile, the dollar was all over the place thanks to a lack of reports from Uncle Sam.

Last but definitely not the least are comdolls like the Aussie and Kiwi, which both gained a few pips on the Greenback with AUD/USD rising by 16 pips (+0.21%) to .7771 and NZD/USD inching 2 pips higher (+0.03%) to .6901.

Will the comdolls see more volatility today? Asian session forex traders are starting their day with Chinese markets out on Dragon Boat Festival holiday. There won’t be any major reports on tap over the next couple of hours, so price action will mostly focus on New Zealand’s newly-printed Westpac consumer sentiment (which came in better-than-expected) and the latest updates on Greece’s debt crisis.

Word on the hood is that Greece has submitted a proposal over the weekend. Any hints of accord between Greece and its creditors could push the euro higher so make sure you stick close to your newswires!

See also:

London Session Recap

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