10-Yr T-Note: +08/32..1.723%.. USD-JPY: 77.85.. EUR-USD: 1.2925

The Dollar Index is holding near its worst levels of U.S. trade as action checks up on intraday support near 79.60.

EUR-USD is -50 pips at 1.2920 as action holds just above session lows. Today’s weakness comes following fresh concerns over Greece’s budget gap which Der Spiegel reported is double previous estimates. The infighting between German Chancellor Angela Merkel and French President Francois Hollande continues with today’s meeting showcasing their differing opinions on a European banking union.

Eurozone data is limited to GFK Consumer Climate. ECB President Mario Draghi will speak in Germany.

GBP-USD is -15 pips at 1.6205 as action continues to struggle near 1.6250 resistance. The 1.6250/1.6300 level will be watched closely over the coming days with a move through the resistance resulting in a one-year high. Britain’s BBA Mortgage Approvals will cross the wires tomorrow morning. USDCHF is +40 pips at .9365. Markets will be on alert tomorrow morning when Swiss National Bank Chairman Thomas Jordan speaks on “Quality, Credibility, and Sustainability of the Finance Industry.”

USD-JPY is -25 pips at 77.85 as trade pushes lower for a fourth consecutive session. Today’s weakness comes following news Japanese Finance Minister Jun Azumi announced he was stepping down from his post in order to become the top deputy secretary-general of the Democratic Party of Japan.

USD-JPY holds at the key 78.00 level which has seen several intervention attempts by the Bank of Japan.

AUD-USD is -40 pips at 1.0415 as action looks for its first sub 50-day moving average close in two weeks. Chinese growth concerns remain a headwind for the hard currency, but trade still holds just below a six-month high. The Reserve Bank of Australia’s Financial Stability Review will be released tonight.

USD-CAD is +20 pips at .9790 as bulls remain steadfast in their attempt to run the pair through .9800/.9850 resistance. Early buying saw the pair climb to almost .9820, but sellers were able to drop it back below .9800 in US trade.

Traders continue to watch USD-CAD for signs of a turnaround in the broad-based Dollar Index. Canada’s retail sales will be announced Tuesday.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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