NY Session: Markets choppy as Greek debt concerns mount

The dollar was mixed across the board, softer against the Japanese yen, Swiss franc, and Scandies, but firmer against the commodity currencies and British pound. Greek debt problems continued to dominate headlines ahead of next week?s EU meeting. EUR/USD dipped as low as nearly 1.4075 but rebounded to current levels of nearly 1.4185 as officials continued to weigh their options with regards to the Greek debt situation.

U.S. labor and housing data came in slightly better than expectations. Weekly initial claims fell to 414K from the prior week?s 430K (exp 420K), however a reading above 400K suggests a sluggish labor market. Housing data was relatively upbeat with building permits unexpectedly rising by 8.7% m/m to 612K from the previous 563K (cons. 557K) and housing starts advancing by 3.5% m/m to 560K from the prior 541K (cons. 545K). Regional Fed data continued to disappoint with a surprisingly negative Philadelphia Fed print of -7.7 (exp 7.0 prior 3.9).

U.S. equities were choppy and managed to close higher with the Dow Jones Industrial Average finishing up by about +0.54% and the S&P 500 rising by around +0.18%. Commodities were softer with gold, silver, and oil down by about -0.12%, -0.91% and -0.08% respectively. U.S. 10-yr Treasury yields continued to see pressure on increased safe haven demand, shedding about 5 bps to around 2.91%.

On the data front for the upcoming Asia/Pacific session is the release of the BOJ minutes from the May 19-20 Board meeting. May Tokyo and nationwide department store sales are also due.

Source: http://www.fxstreet.com/technical/market-view/market-session-recaps/2011-06-16.v03.html

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