- U.S. Markets out on Independence Day holiday
- Greeks vote “NO,” rejects EU’s austerity plan over the weekend
- EU officials to hold Greek summit on Tuesday
- Weekend gaps seen among major EUR pairs
- AU inflation gauge, ANZ job ads on tap
With U.S. traders out on an Independence Day holiday, it was up to the European session forex traders to prop up volatility during the early U.S. session.
The dollar was unsurprisingly subdued across the board so it was the yen that got more action during the forex trading session. Risk aversion seemed to be the name of the game with major yen crosses slipping ahead of the Greek referendum weekend.
EUR/JPY slipped by 7 pips (-0.05%) to 136.32, GBP/JPY fell by 79 pips (-0.41%) to 191.30, and AUD/JPY inched 9 pips lower (-0.10%) to 92.40.
Pound bears also hustled their muscle, probably on profit-taking after the U.K.’s positive services PMI release.
GBP/USD fell by 42 pips (-0.27%) to 1.5586, EUR/GBP popped up by 24 pips (+0.34%) to .7126, and GBP/AUD declined by 67 pips (-0.32%) to 2.0703.
Last but definitely not the least are the comdolls, which showed mixed price action in the last trading hours of the week. AUD/USD and NZD/USD stayed within tight ranges just above .7520 and .6670 respectively, while USD/CAD lost 11 pips (-0.09%) to 1.2560.
Ready for a new trading week and possibly a volatile one? Yesterday the Greeks voted a resounding “NO” to the EU’s austerity plan. In a statement, Greek PM Tsipras said that instead of a Grexit, a NO vote means more bargaining power for Greece. Based on the euro’s huge downside weekend gaps though, forex traders don’t agree. In fact, analysts are saying that the vote only increased uncertainty in the markets. Major EU players are scheduled to meet over the vote on Tuesday where they’re expected to announce their plans for Greece down the road.
With no word yet on what would become of Greece (and the euro) over the next couple of days, make sure you keep close tabs on your open trades and be careful about committing to long-term positions ahead of the EU meeting.
Good luck and good trading, folks!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!