The EUR / USD cut early gains after S & P

The EUR / USD cut early gains after S & P indicated that the plan to refinance debt in Greece to reach a selective default. At first, the currency advanced to 1.4577 highs due to speculation that the ECB will raise interest rates this week to 1.5%, before reaching a minimum of 1.4511 due to concerns Greece. The EUR / JPY fell to 80.69, AUD / USD fell to lows of 1.0713 after unexpectedly retail sales go down by 0.6%, which permits for construction of new homes go down by 7.9% and due to gambling the RBA will not raise interest rates this year. The GBP / USD slipped to 1.6057, USD / JPY traded in a range between 80.69 and 80.91, gold fell to lows of 1485.70 dollars, silver dollars and 33.80 minimum oil traded at 94.89 U.S. dollars minimum.

On 2 July, the finance ministers of the EU authorized a disbursement of the loan to Greece worth 8.7 billion euros (12.6 billion dollars) in mid-July, after the Greek parliament approved the austerity measures and next week will meet to discuss long-term rescue for Greece. On 7 July, the ECB reference rate will increase to 1.5% from 1.25% without studying further rate hikes this year. If this happens, the euro may push higher after rate rise according to market analysts.

With U.S. markets closed today due to the Independence Day holiday, the markets will be watching today the publication of investor confidence in the EU and producer prices in the EU but this week the focus will be on data of non-farm payrolls in the U.S., the ECB rate decision and the discussions of the second phase of the rescue of Greece.