Greece has until April 24th to reach a deal with its lenders at the Eurozone finance ministers meeting. On the other hand, Greece put forth a figure of 279 billion euros as the amount owed by Germany due to reparations for the Nazi occupation in Greece. Overall trading volumes were limited on Monday as the European markets remained closed for the Easter holiday, pushing the euro lower both against the dollar and the Japanese yen.
Asian markets are reopening on Tuesday after a long weekend, but are opening lower, as iron ore dropped to a ten-year low. Australia’s retail sales data beat expectations with a gain of 0.7% and initially pushed AUDUSD up by 25 pips before retracing a bit. Both the Reserve Banks of Australia and India are releasing their rate decisions early on Tuesday, and the Bank of Japan’s statement is expected on Wednesday.
The US dollar climbed higher against the euro on Monday, recovering some of the earlier losses thanks to thin Easter-holiday trading. Friday’s disappointing jobs data raises the question about the Fed’s rate hike timing; most likely it will be pushed to September instead of June. US crude oil, which has dropped more than 50% since June of 2014, had a sharp rally on Monday, jumping more than 5%. However, the rise was replaced by some losses during the Asian session on Tuesday, as Goldman Sachs said that prices need to stay low and forecasted $40 a barrel for the next three months.