EU leaders near migration deal

1. EU leaders seem to be near a new deal regarding the migration issue in Europe.
2. The deal could include increased security, holding centers, speeding up the process for asylum and overhauling rules for distribution.
3. It remains to be seen if the deal will be able to save the stability of the German government.
4. Deep division remains though, between more liberals on the issue like Spain and France and conservatives like Hungary.
5. The EUR jumped on the news and we could see it strengthening even further upon further positive headlines.

JPY weakens against major counterparts

1. A weakening of JPY against a number of it’s main counterparts was evident during today’s Asian morning.
2. Analysts consider the drop to be caused by the rapid depreciation of the Chinese Yuan while Japanese and S. Korean markets drop.
3. On the contrary, Chinese markets such as Hong Kong and Shanghai climbed on the final day of the quarter.
4. Please note that even today’s positive financial data releases (such as the unemployment rate) were unable to support the Yen.
5. If there is further depreciation of the Yuan we could see the Yen weakening, however Chinese officials may try to stop the Yuan drop.

Daily Report IronFX ‘June 29th’