Collinson FX Market Commentary - June 16 - Greek debt talks abandoned

by Collinson FX on 16 Jun 2015 Collinson FX Market Commentary - June 16 - Greek debt talks Click here to find out how to get CollinsonFX's free iPhone app

June 16 - Greek debt negotiations lasted just 45 minutes, in Brussels, when parties broke and abandoned talks. The Finance Ministers meeting at the end of the week is now the conduit to agreement. This could be the last chance before Greek default, as opposed to voluntary default, already played as a card in the game.

The Fed meet tonight for their two day meeting and are not expected to touch interest rates but may indicate a move for September.

The Greek situation remains highly unstable, which does not allow confidence to blossom, in a challenging environment. US Manufacturing and Industrial production, both missed expectations, adding to the lack of pressure on Fed rate rises.

The EUR hit 1.1280, while the GBP broke back above 1.5600, with advantages over Europe. Commodity currencies were solid, with a weaker reserve, but will be equally unstable in the face of Greece and the FOMC meeting.

The NZD is trying hard to regain 0.7000, while the AUD moved up towards 0.7770. Economic data will influence currencies in the lead up to the FOMC and Greek debt negotiations.

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