Folks, I wish there was something that happened in the markets today to differentiate it from the rest of this slow week, but alas, there was not. Today was as tedious as the last four, as traders continue to focus on the fate of Greece and that country’s continued bout with other members of the Euro Zone. Recent developments in this woeful display of camaraderie include Greece stating that it wouldn’t want to borrow money from Germany, France or Italy, and Germany exclaiming that Greece will have to go to the IMF for a loan as they won’t even consider handing out funds to the troubled country. When this news broke overnight the Euro collapsed, and today in Asia, most pairs continued to toe the line near earlier lows.
EUR/USD quietly moved from 1.3595 and 1.3625, nervously near its earlier NY low of 1.3585.
GBP/USD was canned within a 20 pip range, and AUD/USD contained within a 30 pip range that topped out at 0.9215. USD/JPY caught a few bids to push it from 90.30 to just over 90.55, but simply put, the markets were just dead. Some investors were on the lookout early on for the possibility of SNB intervention if the EUR/CHF went lower, but the pair barely broke out of a 10 pip range near 1.4400.
Keep in mind that Japan has a three day weekend due to the Vernal Equinox holiday on Monday. Have a nice weekend…