Transatlantic Concerns Neutralize EURUSD

As the day has advanced, the Yen has given back some of its earlier gains with the USDYEN now posting 92.20 after falling as low as 91.86 whilst the EURYEN has bounced back 55 pips to its present 132.25. Whether these developments are just retracements or full blown reversals still remains to be seen.

The Euro is still plagued by Greek concerns after its finance minister issued plans concerning a reduction in the country’s double digit budget deficit.

Meanwhile, an US official statement made early today advised that a stronger US recovery was required before a raise in interest rates could properly be entertained.

As a result of the negative US comment and Greek concerns, the EURUSD has spent most of the day trading sideways and presently posts 1.5000.