14 Jul 2015
EUR/USD clings to 1.1000; focus on Greece, Yellen
FXStreet (Córdoba) - EUR/USD continues to oscillate on both sides of 1.1000 as investors monitor Greek developments and US data ahead of Fed Chair Yellen testimony before the Congress.
EUR/USD has wavered in a wide range on Tuesday, having reached a high of 1.1082 after a negative reading on US retail sales, which weighed on the dollar. However, the euro failed to sustain gains with EUR/USD falling back to the 1.0990 zone. At time of writing, the pair is trading at 1.1011, still 0.10% above its opening price.
US Retail sales weigh on the dollar, Yellen testimony eyed
The dollar weakened temporarily across the board following a disappointing reading for retail sales which raised doubts whether the Fed will start hiking rates later this year.
On Wednesday, Fed Chair Janet Yellen will testify before the US Congress and investors will be paying close attention for any further hints regarding the timing of an interest rate raise.
Meanwhile in Greece...
On the Greek front, the nation’s parliament will vote on a third bailout programme tomorrow and a Greek government official has said that a cabinet reshuffle is likely but PM Tsipras will not resign after the vote.
Meanwhile, a leaked document from the IMF showed that Greece needs more debt relief than the Eurozone was willing to consider.
Greece's bailout deal is far from secured as Greek parliament still has to accept harsh austerity measures as part of the aid package.
EUR/USD has wavered in a wide range on Tuesday, having reached a high of 1.1082 after a negative reading on US retail sales, which weighed on the dollar. However, the euro failed to sustain gains with EUR/USD falling back to the 1.0990 zone. At time of writing, the pair is trading at 1.1011, still 0.10% above its opening price.
US Retail sales weigh on the dollar, Yellen testimony eyed
The dollar weakened temporarily across the board following a disappointing reading for retail sales which raised doubts whether the Fed will start hiking rates later this year.
On Wednesday, Fed Chair Janet Yellen will testify before the US Congress and investors will be paying close attention for any further hints regarding the timing of an interest rate raise.
Meanwhile in Greece...
On the Greek front, the nation’s parliament will vote on a third bailout programme tomorrow and a Greek government official has said that a cabinet reshuffle is likely but PM Tsipras will not resign after the vote.
Meanwhile, a leaked document from the IMF showed that Greece needs more debt relief than the Eurozone was willing to consider.
Greece's bailout deal is far from secured as Greek parliament still has to accept harsh austerity measures as part of the aid package.