The dollar rose 0.53 percent at 123.35 yen

Good morning from Hamburg and welcome to our latest Daily FX Report of this week. A new offer by Greece on a reform package to avoid a default on its debts raised hopes that a tangible deal with international creditors was still possible, lifting world stock indexes and pushing down gold prices on Monday. The DAX index of leading German shares closed up 3.9 percent and France's CAC 40 stock index was up 4.1 percent. Gold prices fell more than 1 percent, while crude oil futures also eased. The ministers agreed to reconvene before the week is over, after Greece thrashed out details with its international creditors the European Commission, the European Central Bank and the International Monetary Fund. Greece's latest cash-for-reforms offer was received more positively than expected, with talk of more work ahead to achieve a potential deal this week.

Anyway, we wish you a successful trading day!

Market Review – Fundamental Perspective

By late New York trade on Monday, the euro remained in a tight trading range. The euro zone common currency traded at $1.1335, down 0.15 percent on the EBS trading platform, closing in on the Asian trading session high of $1.1404. The euro rose nearly one percent against the yen, only to lose half of its gains to trade up 0.44 percent to 139.81 yen. Against the Swiss franc the euro held on to a 0.40 percent gain at 1.0453 francs. The dollar rose 0.53 percent at 123.35 yen. The Canadian dollar finished weaker against a firmer USD on Monday as earlier gains, driven by optimism that Greece and its creditors were on their way to a breakthrough debt deal, faded. The U.S. dollar advanced nearly 0.3 percent against a basket of currencies, and the Canadian dollar, which had been outperforming its counterparts on Monday, ended broadly weaker. Prices for oil, a key Canadian export, were little changed after an earlier rise had helped strengthened the CAD. The Canadian dollar was at C$1.2250 to the USD, or 81.63 U.S. cents, firmer than the Bank of Canada's official close of C$1.2266, or 81.53 U.S. cents, on Friday.

In commodities, signs of progress in Greek talks curbed safe-haven demand for gold. Spot gold fell as much as 1.5 percent to a session low of $1,181.90 an ounce and was down 1.3 percent at $1,184.01. Crude oil futures ended slightly higher, reversing earlier losses as investors covered short positions ahead of the expiry of the front-month contract in U.S. crude. Brent crude gained 32 cents at settle at $63.34 a barrel, while U.S. crude rose 7 cents to $59.68.

Daily Technical Analysis

EUR/AUD (Daily)

Since December 2014 the pair experienced a downward movement untill it reached the support at 1.3682 where it rebounded and started an upward movement. At the moment the pair is traded between the first resistance and the first support level. These level appear to be very significant. Should the pair pass the resistance level, further significant gains may be the consequence.

Support & Resistance (Daily)

Share: Analysis feed

This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational purposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.