USD Slightly Firmer As Sentiment Weakens

USD Slightly Firmer As Sentiment Weakens

The greenback edged higher as markets traded cautiously while waiting for an announcement out of the meeting between Euro area finance ministers. The USD was weaker against the JPY which outperformed as a haven despite dovish rhetoric from the Bank of Japan overnight. The euro traded softer as the sustainability of the optimism regarding a Greek began to look questionable. EUR/USD was unable to breach the top of the daily ichimoku cloud which is just under the 1.30 big figure and while it remains inside of the cloud we expect to see a correction to the downside.

The third Eurogroup meeting this month is so far inconclusive with regards to a Greek deal. Finance Ministers expressed continued optimism and indicated that an agreement was very close. The group paused for calculations which support comments that only technical issues remain.