The euro and U.S. dollar are on hold before euro-area finance ministers meet today in Brussels to approve Greece's second bailout and ahead of tomorrow's monetary decision by the Fed and BoJ.
Euro-area finance chiefs will gather today in Brussels to approve Greece's 130 billion euro second bailout after the nation fulfilled all the requirements set by international lenders, including a deal with the private sector bondholders, which was completed last week on Friday.
Three days ago, finance ministers provided a tranche of 35.5 billion euros in payments and interests to Greece's creditors, while set to consent the rest today, to help Greece avoid default when 14.5 billion euros of debt matures on March 20.
While Greece's second bailout approval is considered a positive thing, the use of collective action clauses (CACs) in the deal with private creditor raised concerns as the International Association of Swaps and Derivatives (ISDA) declared that such an action is considered a technical default.
Also, still there are worries that other euro area peripheral nations may follow Greece's steps that why today's meeting is also predicted to tackle steps undertaken by the Spanish government to cut budget shortfall and the progress in the Portuguese aid program.
The EUR/USD pair is currently is now slightly below the day's opening at 1.3110, where the day's high was touched at 1.3135, while the low was recorded at 1.3076.The suggested trading range for this week is among key support at 1.2740 and key resistance at 1.3415.
Versus the yen, the greenback slipped after three days of gains, which supproted pair to reach a 9-month high, to trade around 82.25 after recording a high of 82.53 and a low of 82.09.The projected trading range for this week is among key support at 80.50 and key resistance now at 85.50.
Eyes will track the monetary decisions by the BoJ and the Fed on Tuesday, where both may hold their monetary stance this month.
U.S. non-farm payrolls report released on Friday showed that the world's largest economy added 227,000 jobs last month, higher than forecast of 210,000, while the prior reading of 243,000 was upwardly revised to 284,000, adding to evidence, after a wave of upbeat data released recently from the U.S., there will be not further stimulus.
On the other hand, the recent depreciation in the yen serves the BOJ's interest to boost exports.
Moving to the British pound, it slipped against the green currency amid the absence of data from both economies today.
The pair is trading around 1.5625 after recording a high of 1.5694 and a low of 1.5609, where the trading range for this week is among key support at 1.5360 and key resistance at 1.5975.