EUR heavy post Greek referendum, Euro group, Greece talks eyed

FXStreet (Mumbai) – The euro was heavily sold-off, kicking-off Asia nearly 2% lower following the Greek referendum results which reflected that Greek voters said a resounding around 60% ‘No’ vote to further austerity imposed by the country’s creditors in the referendum on Sunday. While risk-off moods backed worries over Greece’s future in Euro zone dominated across the Fx board with most Asian pairs relatively lower.

Key headlines in Asia

Greek referendum: ‘No’ voters celebrate victory

Nikkei leads Asian stocks lower, flight to safety on Greece weigh

ECB may tighten collateral requirements to Greek banks – ANZ

Australia ANZ Job Advertisements rose from previous 0% to 1.3% in June

Dominating themes in Asia – centered on JPY, AUD, NZD

Greek referendum results stole the show in early Asia, fuelling risk aversion across the board while lifting the demand for safe-havens such as gold, yen and so on. The European currency emerged the biggest loser following the results and a fresh sell-off was triggered dragging EUR/USD to weekly lows at 1.0970.
The major although recovered more than half its slide and climbed higher in a bid to fill in the overnight bearish gap.

No plans for emergency meeting of EU FinMin

FXStreet (Bali) – According to the BBC, “the Greek government will have a battle on its hands to persuade the Eurogroup to meet urgently”, following reports from Reuters, in which it reveals that there are no plans for an emergency meeting of Eurozone finance ministers in the likely event of ‘No’ vote.
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Greek referendum: No vote? Watch 1.1031 in EUR/USD – JPMorgan

FXStreet (Bali) – The FX Strategy Team at JP Morgan anticipates a make or break support level at 1.1031, which may come into focus fairly quick should the ‘No’ vote win the Greek referendum.

Key Quotes

“Looking across the board it remains difficult to make any conclusion which would survive the next week, as markets themselves are inconclusive in their trading action. The absolute lack of any decisive break is just one of the symptoms, which illustrates the general stage of confusion.”

“That said, it remains a day to day business until we receive stronger hints that a sustainable trend has been established.”

“The role model in this context is once more EUR/USD, which defended key-support at 1.1031 (minor 76.4 %) yesterday just to keep us in no man’s land between the latter and the upper resistance barrier at 1.1293/1.1322 (pivot/minor 76.4 %).”

“Only a decisive breakout of this range on hourly close (using a 20 pip filter) would provide directions in favour of a broader recovery to 1.1699/1.1811 (int. 38.2 % on higher scales) or of a deeper setback to at least 1.0744/1.0695 (int. 76.4 % on higher scale/daily trend).”
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