EUR/USD adrift; focus on JPY

Author: Jamie Coleman | Category: News

It’s been pretty range-bound in EUR/USD today with no big surprises coming from the EU summit. Banking supervision has been worked out (oh, joy) at long last and Greece has had its funding approved after fudging the debt buy back, at the margin.

EUR/CHF sales helped weigh on EUR/USD as the SNB took no new steps at its rate-setting meeting this morning.

USD/JPY has been the main market focus today as the market prices in a victory by the LDP, Japan’s dominant political party in the post WWII period. Saber-rattling by China as well as the recent provocation by North Korea are undermining the JPY as well.

1.3100 is near-term resistance; more is up at 1.3127 and 1.3145. Large 1.3150 barriers are rumored to be in play.