The euro recorded moderate gains against most of its major counterparts, as investors appeared cautious over the bond swap decision by private holders of Greek debt. They have until today at 20:00 GMT, to announce their participation or not. The critical point to look after is the participation rate of this imminent restructuring. There was a report by the Institute of International Finance placing participation at 40.8%, but headlines from Greece put it closer to 75%. It is important to note that acceptance from only two-thirds of participants will enable the Greek government to invoke the collective action clauses and this is expected to trigger a credit event. Ironically, according to a Greek government official, six Greek pension funds with holdings of EUR 3.4 billion of Greek bonds continue to resist the deal. Amid all these drama, the European Central Bank is due to announce its interest rate at 12:45 GMT. The central bank is expected to leave rate unchanged, nevertheless the conference that will follow is going to be closely monitored by investors worldwide.

The US dollar produced mixed results versus a basket of currencies as market participants position themselves ahead of the Greek debt deal deadline. The greenback was hurt after reports of the Federal Bank still looking at an array of ways to employ another round of quantitative easing should the need to ease further. Against the Japanese yen, the greenback rebounded to 81.35 from 80.64.

The British pound remained flat ahead of the bank rate decision by Bank of England at 12:00 GMT. The New Zealand dollar rose to 0.8142 from 0.8132, as the Reserve Bank of New Zealand kept the policy rate unchanged at 2.5%.

Oil prices rose to 105.78 from 104.61 dollars a barrel. Gold rebounded to 1684.95 from 1674.26 US dollars an ounce. Against the euro, gold advanced to 1281.28 from 1276.89 an ounce. Silver jumped to 33.3934 from 32.9166 dollars an ounce.

OutlookPivotPreference1Sentiment2
EURUSD1.3125LONG @ 1.313548% of deals buy EUR
USDJPY80.95LONG @ 81.0036% of deals buy USD
GBPUSD1.5715LONG @ 1.572556% of deals buy GBP
AUDUSD1.0540LONG @ 1.054051% of deals buy AUD
GOLD1678LONG @ 167861% of deals buy GOLD
OIL104.35
LONG @ 104.35
39% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
CalendarCurrencyTime (GMT)EventForecast
GBP12:00Bank of England Rate decision
0.50%
EUR12:45European Central Bank Rate decision1.00%
CAD14:00Bank of Canada Rate decision1.00%
EquitiesEUROPEUSASIA3
FTSE 1000.44%S&P 5000.69%NIKKEI2.01%
DAX0.57%DJIA0.61%HIS1.01%
CAC0.89%NASDAQ0.87%CSI 3001.26%
3 at the time of writing