Goldman Sachs Spot Desk Strategies

EUR: Until this headline ping pong clears however, trading EURUSD will prove to be exceptionally difficult and we remained sidelined in cash.  We retain downside exposure through a variety of options and will look to sell any squeeze on a Greek resolution believing it will be short lived.
JPY: References to the strength of the dollar may creep in, but ultimately 118.80/90 should offer short term support with 119.85/95 the target for those who are long again. We continue to favour a move higher into the US events, but acknowledge that the traditional correlations have broken down.
GBP: We maintain bearish medium term view in GBP whilst 1.5500 holds, weak data today should be enough to test 1.5300 but worth being mindful of risks associated with Greek headlines intraday.
AUD/NZD: Kiwi bounces towards the 0.7560/80 sell zone and tactically selling with a stop through 0.7620 or 0.7660 remains our favoured approach.

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