Commodity currencies are all strong today as boosted by recovery in global risk appetite on optimism that Greece would avoid an immediate default. Data from Canada maintains a firm tone in the loonie. Canadian GDP avoided a contraction in May and was flat m/m. Crude oil is staying firm around 95 level for the moment and helps support the loonie, which will likely extend the CPI triggered rally against dollar in near term. This week’s data fuel speculation that while BoC would likely be on hold in Q3, it may restart tightening in Q4. New Zealand dollar rises to new record high against dollar today, getting additional boost from RBNZ Governor Bollard and confidence data. Bollard said that “rising commodity prices are improving export incomes but putting pressure on the … Read entire article »

By: Barbara Zigah Yesterday’s passage of new austerity measures through the Greek Parliament helped to push the Euro to a 3-week high against the U.S. dollar. That leaves one last hurdle for the Greek government to jump, namely today’s implementation vote. Article source: http://www.dailyforex.com/forex-news/2011/06/Greek-Vote-Passage-Pushes-Euro-Higher-But-Uncertainty-Still-a-Factor/8220 … Read entire article »

Euro extends its broad based rally against major currencies today on optimism that Greece’s problem is solved in near term after yesterday’s parliamentary passage of austerity plan. The near term resolution in the Greece situation also helps boost risk appetite in general and sends Asian equities broadly higher following another day of rebound in DOW overnight. Dollar is defensive against all major currencies for the moment as focus is back to the fragility of US recovery as well as IMF’s warning to US for raising the debt ceiling Strength in crude oil, which is now back above 95 level after drawing support from 90, also gives some pressure to the greenback. To recap, Greek parliament approved the austerity package of 78B euro, with 155 out of 300 lawmakers voting in … Read entire article »