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FX: Europe Round Up: Euro tumbles, Dollar hits eight-year peak above 122 yen
 
USD/JPY hits 8 year high at 122.88 fm 121.52.

Dollar Index hits 1 month high at 97.121.

EUR/USD stuck below 1.1000, plays 1.0885/1.0981 as Greek concerns persist.

EUR/GBP hits 1-1/2 month low at 0.7065. EUR/CHF down to 1.0336.

Greece says wants to make debt payment but needs aid urgently.

ECB Visco- Greek crisis fuelling grave tensions that could prove destabilizing.

ECB Noyer- Grexit little threat for French banks.

EU Moscovici- More effort needed to agree Greece reforms; must find a deal, not there yet.

Muscovici- No plan B, Greece must stay in Euro-zone.

German official: Not aware of any plans for special meeting of eurogroup in early June.

UK May CBI distributive trades 15 vs previous 12. 17 expected.

Switzerland sight deposits rise to 380.102bln in w/e May 22, from previous 377.233.
Switzerland non-farm payrolls rise 0.8 percent in first quarter.

Swiss 10yr govt bond yield in negative territory for 1st time in nearly a month at -0.034%.
Economic Data Ahead

(0830 ET/1230 GMT) US Durable Goods Orders (April) consensus -0.2% m/m, previous +4.7% m/m.

(0830 ET/1230 GMT) US Ex-Trans Durable Goods Orders (Apr) consensus +0.5% m/m, previous +0.3% m/m.

(0830 ET/1230 GMT) US Nondefense Capital Goods Orders ex-aircraft (Apr) consensus +0.5% m/m, previous +0.6% m/m.

(0855 ET/1255 GMT) Redbook Same Store Sales Index (May 23 wk) previous +1.8% y/y.

(0900 ET/1300 GMT) FHFA House Price Index (Mar) previous 5.4% y/y.
(0900 ET/1300 GMT) S&P/Case-Shiller Home Price Index (Mar) consensus +4.8% y/y, previous +5.0% y/y.

(0945 ET/1345 GMT) Markit Services PMI (flash May) consensus 57.0, previous 57.4.
(0945 ET/1345 GMT) Markit Composite PMI (flash May) previous 57.0.

(1000 ET/1400 GMT) Consumer Confidence (May) consensus 95.0, previous 95.2.
(1000 ET/1400 GMT) New Home Sales (Apr) consensus 510k SAAR, previous 481k SAAR.

(1000 ET/1400 GMT) Philly Fed Non-Manufacturing Survey (May).

(1000 ET/1400 GMT) Richmond Fed Sectoral Surveys (May).

(1030 ET/1430 GMT) Dallas Fed Texas Manufacturing Outlook Survey (May) previous -16.00.
Key Events Ahead

(1000 ET/1400 GMT) NAR Commercial Real Estate Report/Forecast.

(1145 ET/1545 GMT) FedTrade operation 15-year Fannie Mae / Freddie Mac (max $575 mn).

(1230 ET/1630 GMT) Fed Vice Chair Fischeron "The Federal Reserve and the Global Economy"; Tel Aviv.

(1400 ET/1800 GMT) Discount Rate meeting minutes.

(1430 ET/1830 GMT) FedTrade operation 30-year Ginnie Mae (max $1.075 bn).
FX Recap

EUR/USD is supported around 1.0900 levels and currently trading at 1.0902 levels. It has made intraday high at 1.0980 and low at 1.0883 levels. The situation around Greece continues to be the main drag for the pair in the last sessions, with concerns keep building up as significant repayments are looming. Fanning the flames, several Greek government officials hinted at the possibility that the country could fail to pay the IMF next week. Initial support is seen at 1.0859 and resistance is seen around 1.1041 levels. Option expiries are at 1.0900 (585M), 1.1000 (2BLN), 1.1100 (265M).

USD/JPY broke the 122.00 levels and posted a daily high at 122.86 levels and low at 121.48 levels. Pair is currently trading at 122.63 levels. The dollar was trading sharply higher on Tuesday as traders returned to their desks after Monday's holiday and instantly started to bid for the greenback at the Frankfurt open. During the European morning in Frankfurt, the USD/JPY pair was changing hands at ¥122.74, higher around 120 pips on the day or 1% change. Traders will watch today's durable goods orders later in the US session to confirm the latest dollar's strength. Near term resistance is seen at 123.67 levels and support is seen at 121.35 levels. Option expiries are at 121.00 (1.7BLN), 121.50 (536M), 122.00 (626M), 122.50 (320M).

GBP/USD is trading around at $1.5404. It made an intraday high at 1.5474 and low at 1.5383 levels. The pair took a breather in its downslide and is seen struggling around 1.54 barriers after the release of CBI realized sales data from the UK which lifted sentiments around the GBP. Growth in retail sales volumes picked up strongly in the year to May and expectations for next month are at their highest for 27 years, according to the CBI's latest quarterly Distributive Trades Survey. Initial support is seen at 1.5383 and resistance is seen around 1.5471 levels. Option expiries are at 1.5600 (327M). USD/CAD: 121.20-35 (400M).

USD/CHF is supported above 0.9450 levels and trading around 0.9483 levels and made intraday low at 0.9444 and high at 0.9519 levels. Today Switzerland Employment data released with flat numbers only. Near term support is seen at 0.9285 levels and resistance is seen at 0.9571 levels.

AUD/USD is supported below 0.7850 levels and trading at 0.7800 levels. It has made intraday high at 0.7838 levels and low at 0.7771 levels. Today was data free session for Australia. Traders will watch today's durable goods orders later in the US session to confirm the latest dollar's strength. Figures are followed by Services PMI, consumer confidence and new home sales, so the day ahead is heavy on macro data from the US. Initial support is seen at 0.7785 and resistance at 0.7976 levels. Option expiry is at 0.7865 (247M).
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