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Euro Struggles to Keep Gains- New York

 

The euro began  U.S. trading at 1.1243 (8:30 am) having come far from the European high at 1.1346 on fresh concerns about Greece, and modestly lower German Bund yields.  An unnamed EU official had called Athens' latest proposals 'not credible.'

Early New York trading saw a futher leg down in the first 15 minutes to the day's low at 1.1214, followed by modest buying and intra-day short covering which got the currency back to 1.1265. Then German Finance Minister Wolfgang Schaeuble said that differences still remain between Europe and Greece (hardly a new observation) and Finnish Finance Minister Alexander Stubb stated that there are some finance ministers whose patience is running out, (also an unremarkable comment) which sent the euro in brief plunge to 1.1221.

Without major U.S. data and having attempted the bottom twice,  the market began a climb back to 1.1290  which it reached  at the London close, assisted by a comment from the EU's Dombrovskis that could be a staff level agreement with Greece in a day. 

Despite small gains in US Treasury yields as the day progressed the flurry to 1.1290 ended volatility and the market moved in a 30 point range around 1.1275 until it closed at 1.1280 at 5:00 pm.

 

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euro june 9

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