The euro rose against the dollar and yen on hopes for a Greek debt deal. Hopes increased after Greece proposed budget cuts and reforms ahead of a eurozone finance ministers' meeting. The EUR/USD rate increased to a weekly high before easing on comments from Janet Yellen about a potential US interest rate hike this year. The pound also gained versus the dollar after UK trade data unexpectedly narrowed the deficit in May and on reduced uncertainty from a potential Greek deal.
2. The euro rose against the dollar and the yen on Friday amid renewed hopes for a deal on a bailout for Greece
that would prevent a possible exit from the single currency bloc. Hopes for a breakthrough on a new bailout
deal for Greece were boosted after the government put forward new proposals on budget cuts and economic
reforms ahead of a meeting of the euro group of finance ministers on Saturday. EUR/USD was up 1.1% to
1.1148 late Friday after rising to a one-week peak of 1.1215 earlier in the session. The single currency pared
back gains after Federal Reserve Chair Janet Yellen said the central bank was on track to raise interest rates at
some point this year. She added that she felt an initial rate hike will have a small impact and reiterated that
rates would rise only gradually. EUR/JPY jumped 2.33% to 136.94 in late trade. The dollar also gained ground
against the yen, with USD/JPY advancing 1.18% to 122.67, recovering from the one-and-a-half month lows of
120.40 set on Wednesday. The yen had strengthened broadly earlier in the week as the deteriorating situation
www.epicresearch.sgIforex Market Insight Report By Epic Research Singa-
Iforex Market Insight
Date– 14 – July
INTERNATIONAL CURRENCY BUZZ
EUR/USD
GBP/USD
The pound rose against the U.S. dollar on Friday, after data showed that the U.K. trade deficit narrowed unex-
pectedly in May and as hopes for a Greek debt deal lent support to riskier assets. GBP/USD hit 1.5455 during
European morning trade, the pair's highest since Wednesday; the pair subsequently consolidated at 1.5450, gain-
ing 0.47%. Cable was likely to find support at 1.5327, the low of July 8 and resistance at 1.5554, the high of June
10. The U.K. Office for National Statistics reported on Friday that the trade deficit narrowed to £8.00 billion in
May from £9.39 billion in April, whose figure was revised from a previously estimated deficit of £8.56 billion. Ana-
lysts had expected the trade deficit to widen to £9.70 billion in May. At the same time, market sentiment im-
proved after Greece offered to make painful spending cuts and hike taxes late Thursday, in a last-ditch request to
win one more bailout from Europe before the country descends into bankruptcy. Athens was seeking at least €50
billion over the next three years. In exchange, the government presented a number of austerity measures that
were said to total between €12 billion and €13 billion - significantly more than Greece’s previous commitments.
Sterling was lower against the euro, with EUR/GBP adding 0.18% to 0.7189.
Forex - Dollar gains on rate view after Greece deal reached
Forex - Dollar rallies as Greek deal brings U.S. rate hikes into focus
Forex - Euro jumps higher on reports of Greece deal
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