15 Jul 2015
Forex Top Movers: USD up while Euro is depressed together with Greece; Next ECB
FXStreet (Cocoa) - As anti-austerity protests and riots are taking Athens against the Greece's bailout vote in the Greek Parliament, the Euro remains depressed across the market. On the other side, US Dollar is rising as Janet Yellen let things clear: The Fed is on its path to hike rates this year.
Is the euro rallying following the Greek deal? No... Austerity with no growth measures will be implemented again... as it has been done in the last 5 years. So, why investors would buy the idea again? Is it a coup? Maybe not, or maybe yes, but austerity is the same medicine that it didn’t work before.
Albert Einstein once said that insanity is "doing the same thing over and over again and expecting different results."
Ok, in this framework, the Euro is declining against almost all its major competitors. The Euro has lost ground against all its counterpart except the NZD; talking about the day, the single currency declined against the US Dollar, the Japanese Yen and the British Pound.
On the other hand, the USD Dollar is becoming the winner another day; the EUR/USD lost the 1.1000 level and now it's trading below the 1.0950 level; the GBP/USD bounced off 1.5575, today's pivot point, and now it's testing the 1.5650; while the USD/JPY rallied to test the 124.00 area before trading back to 123.75.
Forex Top Movers
To the upside, top gainers are USD/CAD, +1.49% to 1.2916; EUR/CAD, +0.93% to 1.4140; and USD/RUB, +0.87% to 56.90. To the downside, top losers are NZD/USD, -1.71% to 0.6594; NZD/JPY, -1.41% to 81.62; and CAD/JPY, 1.14% to 95.81.
As may see, the Canadian Dollar was one of the biggest loser in the session as investors sold the CAD following the BoC decision to cut its interest rate by 25 bps to 0.50%. In addition, BoC Poloz commented in his press conference that a purchase program is among the tools it could use to stimulate the economy.
Is the euro rallying following the Greek deal? No... Austerity with no growth measures will be implemented again... as it has been done in the last 5 years. So, why investors would buy the idea again? Is it a coup? Maybe not, or maybe yes, but austerity is the same medicine that it didn’t work before.
Albert Einstein once said that insanity is "doing the same thing over and over again and expecting different results."
Ok, in this framework, the Euro is declining against almost all its major competitors. The Euro has lost ground against all its counterpart except the NZD; talking about the day, the single currency declined against the US Dollar, the Japanese Yen and the British Pound.
On the other hand, the USD Dollar is becoming the winner another day; the EUR/USD lost the 1.1000 level and now it's trading below the 1.0950 level; the GBP/USD bounced off 1.5575, today's pivot point, and now it's testing the 1.5650; while the USD/JPY rallied to test the 124.00 area before trading back to 123.75.
Forex Top Movers
To the upside, top gainers are USD/CAD, +1.49% to 1.2916; EUR/CAD, +0.93% to 1.4140; and USD/RUB, +0.87% to 56.90. To the downside, top losers are NZD/USD, -1.71% to 0.6594; NZD/JPY, -1.41% to 81.62; and CAD/JPY, 1.14% to 95.81.
As may see, the Canadian Dollar was one of the biggest loser in the session as investors sold the CAD following the BoC decision to cut its interest rate by 25 bps to 0.50%. In addition, BoC Poloz commented in his press conference that a purchase program is among the tools it could use to stimulate the economy.