In the wake of Greece’s default on a loan from the IMF, the common currency Euro has remained under broad sell pressure. Though investors were hopeful for a distraction, the latest economic releases failed to provide any material support. June PMI reports for the Eurozone’s many disparate economies were released earlier and only one country thus far has beat analysts’ expectations. France’s PMI showed a reading for June of 50.7 against expectations of 50.5, improving from May’s 49.4. Germany, the Eurozone’s economic “driver,” matched expectations while Spain’s failed to meet analysts’ consensus.
As reported at 11:30 am (BDT) in London, the EUR/USD was trading at $1.1108, down 0.31% and well off the session peak of $1.1167; today’s low was at $1.1095. The EUR/JPY was trading higher at 136.4865 Yen, a gain of 0.69% for the common currency after safe haven demand waned.
Kiwi and Aussie Dollars Under Pressure
In Asia, a rise in some equity markets there helped to push antipodean currencies higher but the gains were only temporary. The NZD/USD was lower at 0.6774 while the AUD/USD was lower at 0.7698. Both currencies remain under sell pressure as worries continue to grow about the health and recovery of the Chinese economy.