The IMF said Greece had asked for a last-minute

Good morning from Hamburg and welcome to our latest Daily FX Report. Greece's last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund. The IMF confirmed that Greece had not made its scheduled 1.6 billion euro loan repayment to the fund. As a result, IMF Managing Director Christine Lagarde will report to the global lender's board that Greece is "in arrears," the official euphemism for default. Fears of a Greek default have unnerved financial markets on concerns that it would ultimately lead to the country's exit from the euro common currency. The fate of Greece's membership in the 19-nation currency bloc still hangs in the balance ahead of a referendum on Sunday when Greek citizens will vote on whether to accept the austerity terms of continued international aid..

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Market Review – Fundamental Perspective

There was little immediate reaction when the International Monetary Fund confirmed Greece had missed a payment on its debt, perhaps taking it a step closer to an exit from the euro.
The IMF said Greece had asked for a last-minute repayment extension earlier on Tuesday, which the Fund's board would consider "in due course." European finance ministers will confer later on Wednesday over Greek Prime Minister Alexis Tsipras' request for a new two-year loan to pay debts that amount to nearly 30 billion euros. Investors still cling to hopes that a deal will be done at some stage to keep Greece in the euro, keeping currency markets relatively range bound. Against the yen, the dollar stood at 122.45, up from a five-week low of 121.93 plumbed overnight. Asian share markets were in a guarded mood on Wednesday as Greece became the first developed economy to default on a loan with the IMF, setting the scene for another day of uneasy action. While an unwelcome milestone for Athens, it came as no surprise to investors after weeks of stop-start talks and the euro only faded a little to $1.1135. Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records. U.S. crude futures fell 65 cents at $58.82 per barrel. A final deal between world powers and Iran over Tehran's nuclear work could add to supplies. A June 30 deadline for a nuclear deal that could let Iran export more crude into an oversupplied market has been extended by a week to July 7.

Daily Technical Analysis

XAU/USD (Weekly)

Looking long-term, Gold has experienced a high volatility and the price moved to a low at around $1139. The level around $1158.82 is the next available support lelevel, as the price rebounded there several times. Since August 2014 it is moving in a range between $1303 and $1158.The CCI is showing that the the metal is moving under the Center line downward. The price touched once the highest Fibonacci resistance level (61.8).

Support & Resistance (Weekly)