With no deal at sight, expect another wild opening today

The EUR has been buoyant on Friday, whilst the JPY gave back some of its weekly gains, amid a sudden change in market's mood, on hopes Greece will get a deal with its creditors during the weekend. But not only a deal was not reached, it seems that, no matter what, it won't be reached today.

EU officers wording release by the press has been beyond negative so far, and despite being a bit early to tell, there's a huge possibility that the forex market will once again see huge opening gaps with the Asian opening. The EUR will likely suffer the most, whilst JPY's demand will resurge.

Additionally, Iran has announced a nuclear deal may be reached today. If so, the country will be allowed to export oil, flooding an already over supplied market, and dragging commodities lower, boosting USD demand.