The markets continue to feel the squeeze from Greece's fiscal troubles. U.S. equities lost their early gains to finish at their opening levels. The dollar was stronger most of the day but gave back the gains after the New York trading session. A lack of economic data releases did not allow for a particular direction to form in the markets. Therefore, traders were forced to rely on the weekend's events following the conclusion of IMF meetings in Washington. Traders remain skeptical following Greece's request to tap the EU/IMF bailout funds package. The prevailing view in the market is despite access to the new funds, Greece may still struggle to meet their debt payment schedule.
The EUR/USD was trading higher following the closing of the New York trading session when the currency pair rallied to a high of 1.3414 after opening the day at 1.3369. The GBP/USD was unchanged at 1.5469, as was the USD/CHF at 1.0730.
Today's trading should be influenced by economic releases and speeches. The key data releases for the day will be British CBI Realized Sales at 10:00 GMT and U.S. CB Consumer Confidence at 14:00 GMT. Both Fed Chairman Ben Bernanke and ECB President Trichet are due to speak at separate events close to 14:00. The EUR/USD could fall further as market sentiment is clearly against the EUR. The next major support level for the pair rests at 1.3180.