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MORNING BELL: Euro erases early losses; Greece knocks down report

The euro erased losses on Monday as the shock of a failed negotiation on Sunday between Greece and its creditors faded and investors turned their focus toward a U.S. rate decision later in the week. The euro traded up 0.25% to a session high $1.12950 on the EBS trading platform, up from the session low of $1.11890. Against the yen, the euro edged up 0.17% to 139.29 yen. European Central Bank President Mario Draghi said on Monday the economy was recovering at a moderate pace and that a strong and credible agreement with Greece is in the interests of the euro area as a whole but the ball is in Greece's court.

Sterling remained at its strongest level of the month against a trade-weighted basket of currencies on Monday, as investors held their breath ahead of a week that could offer clues as to when British interest rates might start to rise. Crucial inflation data is due on Tuesday, and is expected to show consumer prices edged up by an annual 0.1% in May after dipping into negative territory the previous month.

Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed. Iran and six world powers are seeking to overcome remaining differences with a looming self-imposed June 30 deadline to reach a deal over Tehran's disputed nuclear program. The International Energy Agency (IEA) said in a report last week that preliminary tanker tracking data showed Iran's crude sales rose in May to 1.4 million BPD, up 235,000 BPD from April and were at their highest since June 2012, the last month before tough financial measures were imposed by Washington and Brussels.

Gold rose on Monday, buoyed by chart-based buying and the weak U.S. dollar ahead of a Federal Reserve policy meeting while persistent uncertainty over Greece after debt talks with its creditors stalled underpinned prices. Spot gold was up 0.5% at $1,186.60 an ounce by 3:21 p.m. EDT (19:21 GMT), while U.S. gold futures for August delivery settled up $6.60 an ounce at $1,185.80. The spot market turned positive after attracting technical buying around $1,180, a long-term support level.

 

 

 



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