Today’s European session has been something of a chopfest, with many participants choosing to stay away from the market with the President’s Day holiday in the US and the beginning of half term for schools in the UK. Many are also choosing to sit on the side-lines ahead of the press conference after the eurogroup meeting this afternoon.
Comments over the weekend and throughout today has given the impression that Greece and the rest of the eurogroup still seem far away from an agreement with German Finance minister Schaeuble stating his pessimism while Austrian finance minister Schelling says the Greek government cannot have new terms put into their existing program. The USD Index has spent the day trading in choppy fashion, giving no real guidance to the pair, leading many to wait and see what tonight’s press conference brings before Wednesday’s ELA review.
Elsewhere, NZD has seen a bout of strength to outperform today on the back of better than expected Retail Sales (1.7% vs. Exp. 1.3%, Prev. 1.5%, Rev. 1.6%), which matched a 2yr high and posted the biggest gain since Q2 2012. This saw NZD/USD breached 0.7500 to trade at a 3-week high while AUD/NZD has continued its decline to see the cross reside at record lows after breaking through January's multi-year low of 1.0358.
Looking ahead, we have the aforementioned eurogroup press conference at 1900GMT/1300CST today, while tomorrow will see focus shift to the UK with CPI data scheduled out at 0930GMT/0330CST. Overnight, there is the release of RBA meeting minutes after they cut rates at their last meeting, while GlobalDairyTrade Auction for NZD, US Empire Manufacturing and German ZEW expectations are all due out during the European session.
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Daily FX Wrap: February 16, 2015
Published 02/16/2015, 09:59 AM
Updated 07/09/2023, 06:31 AM
Daily FX Wrap: February 16, 2015
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