Euro slides despite Greek deal

16/08/2015 09:15 AST

US economic data was mixed. Early on, slightly upbeat (and I mean slightly) on the PPI led to a solid US dollar bid and that continued on industrial production. The euro had made highs close to 1.1200 just as US traders began to arrive but it was steady selling down to 1.1125, which was the European low. A bounce there was aided by a softer UMich survey but not for long. A second wave of selling came into the London fix and that marked the low of the day, just below 1.1100.

USD/JPY was in a much tighter range from 124.06 to 124.40. The pair narrowed to 124.25 in uninspired trade.

Cable held a strong bid and closed at the highest level in a month at 1.5642. A dip down to 1.5600 was aggressively bought in a whipsaw trade.

USD/CAD finished at the highs of the day at 1.3085 as oil sold off late to erase an earlier bounce to $42.95. Crude finished at $42.17 and that gave a late bid to USD/CAD from as low as 1.3017 earlier in the day.

The Australian dollar was in a tight chop sideways around 0.7380, where it finished.


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