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EUR-USD closed out in London on Friday near net unchanged on the day after oscillating around 1.1100 throughout the day. Without U.S. market, that effectively made it the close for the week. EUR-JPY was about 30 pips net lower on the day after moderate yen outperformance. USD-JPY was trading slightly above its two-day low at 122.60. Sterling more than unwound gains seen following an above-forecast UK service PMI survey, and was net lower on the day against both the dollar and euro.
Hale Stewart is a former bond broker who has been writing about economics and financial markets since 2006 on the Bonddad Blog. He is also a tax attorney with a domestic and international practice while also forming and managing captive insurance companies for US companies. You can follow him on twitter at:@captivelawyer
GBP outperformed after a strong UK services PMI outcome while the AUD underperformed after a miss in Australian retail sales data, along with weak iron ore prices and a continued stock market rout in China. Trade in most other currencies was otherwise pretty muted ahead of Greece's referendum, and with U.S. markets due to be absent today for the Jul-4 holiday weekend. EUR-USD ground out modest gains to the north side of 1.1100 during the European AM session, but there was little appetite to challenge yesterday's high at 1.1121.
The AUD dove on weak data , with Australian May retail sales coming in at +0.3% m/m, below the expected +0.5%, and with China services PMI missing forecasts and Chinese stock market suffering another day of steep losses. This backdrop drove AUD-USD to a low of 0.7567, the lowest since Apr-2, when a 0.7533 low was seen. The other main currencies saw range-bound trade. EUR-USD flat-lined around 1.1080-90, comfortably above yesterday's 1.1032 low. More of the same seems likely for the remainder of the day, ahead of the referendum in Greece and with U.S. markets closed.
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