The euro rose against the dollar rebounded from one-month low, reached on Tuesday. The single currency was supported amid renewed hopes for a new Greek plan to help avoid bankruptcy and exit from the euro zone countries, after European leaders yesterday gave Athens a period of five days to sign a new agreement. At an emergency summit of euro zone on Tuesday, European leaders have put forward an ultimatum to Greece - it has five days to reach an agreement with its creditors from the eurozone, or waiting for the collapse of the financial system.

Meanwhile, Greece officially asked for a new three-year aid package to the European Stability Mechanism, the permanent euro zone bailout fund. If agreement is not reached in time, EU leaders will hold an emergency summit in Brussels on Sunday, during which discussed measures to minimize the consequences of a Greek exit from the eurozone.

The pressure on the euro was reported that a conference of the Eurogroup on Greece, scheduled for today, was canceled for unspecified reasons. The head of the Eurogroup Deysselblum said that contrary to the plans, a conference call will take place. Earlier, representatives of the Eurogroup Working Group has scheduled the meeting to discuss the latest proposals of Athens.

Investors are also awaiting the publication of minutes of the June meeting of the Fed on Wednesday for guidance on the timing of the primary rate hike in the United States.

The US dollar fell to a six-week low against the yen strengthens, losing more than 1%, as the collapsed Chinese stock market increased investor demand for safe Japanese currency. The Chinese stock market fell sharply on Wednesday, continuing to sell, despite the new government measures that restore investor confidence. Sales were provoked by fears of slowing second-largest economy in the world and exacerbated concerns about the risks of financial stability because of the crisis in the market.

The pound continued to fall in price against the US dollar, breaking the mark of $ 1.5400 and refreshed at least June 10 on concern the market as to what additional fiscal consolidation may delay a rate hike of the Bank of England. It is expected that the British government will introduce additional measures. Escape from the market risk was also triggered fears of a Greek exit from the euro zone and the decline in commodity prices due to panic in the Chinese markets. Little impact on the currency had data from mortgage lender Halifax. As it became known, housing prices jumped in June by 1.7 percent, compared with growth of 0.3 percent in May. In the period from April to June, the growth in housing prices accelerated to 9.6 per cent per annum against 8.6 percent in the previous three months. Martin Ellis, economist at Halifax, said the housing stock available for sale were at a record low. "This shortcoming has been a key factor in sustaining growth in housing prices at a steady pace since the beginning of 2015 - said Ellis. - Economic growth, increased employment, accelerating growth of real wages and very low mortgage rates - all of these factors support the demand for housing" . It is worth mentioning, the latest data from the Halifax report contrasted with the mortgage lender Nationwide, which last week reported that house prices fell by 0.2 percent in June compared to May, while the annual growth rate slowed down to 3.3 per cent (minimum pace for two years).

French Prime Minister Manuel Valls said on Wednesday that a deal between Greece and its creditors was "within grasp".

He also said that to keep Athens in the Eurozone is a geopolitical target.

"Keeping Greece in the euro and therefore in the heart of Europe and the EU is something of the utmost geostrategic and geopolitical importance," Valls said.

He noted that Europe allows Greece to leave the Eurozone, it will be "an admission of impotence". Valls added that France refuses that.

Greece has submit a formal application for a three-year loan facility from the European Stability Mechanism (ESM) on Wednesday.

"The Loan will be used to meet Greece's debt obligations and to ensure stability of the financial system," Greek Finance Minister Euclid Tsakalotos said in the letter.

He did not mention the exact amount of the financial aid.

UK's Finance Minister George Osborne presented the annual budget today. The government plans to achieve a surplus in the 2019/20 financial year, one year later than previously predicted.

"Britain still spends too much, borrows too much, and our weak productivity shows we don't train enough or build enough or invest enough. This will be a Budget for working people. A Budget that sets out a plan for Britain for the next five years to keep moving us from a low-wage, high-tax, high-welfare economy; to the higher-wage, lower-tax, lower-welfare country we intend to create," Osborne said.

The Office for Budget Responsibility projects the U.K. economy to grow 2.4% in 2015, 2.3% in 2016, and 2.4% for the rest of the decade.

The government plans to cut corporation tax from 20% to 19% in 2017 and to 18% by 2020.

Osborne said that a new 8% surcharge on bank profits will be introduced from January next year.

EUR/USD: $1.0880(E514mn), $1.1050(E509mn)

USD/JPY: Y122.00($411mn), Y123.50($320mn)

EUR/JPY: Y134.40(E206mn)

GBP/USD: $1.5550(Gbp308mn)

EUR/GBP: Gbp0.7000(E487mn)

AUD/USD: $0.7400(A$368mn), $0.7445-50(A$387mn)

USD/CAD: C$1.2500($915mn)

European Central Bank Governing Council Member Christian Noyer said on Wednesday that Greeks banks would not receive any emergency lending if the Greek government fails to reach a deal with its creditors.

"Our rules oblige us to stop immediately at the point when there is no prospect of a political accord on a programme, or at the point when the Greek banking system crumbles - which would happen if it enters generalised default on all its debts," he said.

Speaking in in the European Parliament, Greek Prime Minister Alexis Tsipras promised on Wednesday that Athens will provide credible reform proposals on Thursday.

An emergency summit of all 28 European Union members is scheduled to take place on Sunday.

Tsipras noted that Greece wants to reach a deal with its creditors but not at any price, accusing its lenders for transforming the country "into a laboratory for testing austerity over the past years".

"The money that was given to Greece never went to the people. The money was given to save Greek and European banks," the Greek prime minister said.

Statistics Canada released housing market data on Wednesday. Building permits in Canada plunged 14.5% in May, missing expectations for a 5.0% decline, after a 12.1% gain in April.

April's figure was revised up from a 11.6% rise.

The drop was driven by declines in construction permits in the residential and non-residential sectors. Building permits for non-residential construction fell 16.0% in May, while permits in the residential sector slid 13.5%.

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

05:00 Japan Eco Watchers Survey: Current June 53.3 53.2 51.0

05:00 Japan Eco Watchers Survey: Outlook June 54.5 53.5

07:00 United Kingdom Halifax house price index June 0.3% Revised From -0.1% 1.7%

07:00 United Kingdom Halifax house price index 3m Y/Y June 8.6% 9.6%

09:00 Eurozone Eurogroup Meetings

11:00 U.S. MBA Mortgage Applications July -4.7% 4.6%

11:30 United Kingdom Annual Budget Release

The U.S. dollar traded mixed against the most major currencies ahead of the release of the Fed's last meeting minutes.

The euro traded lower against the U.S. dollar on new Greek deadline. European Council President Donald Tusk said on Tuesday that just five days left for Greece to reach a deal with its creditors to save it from bankruptcy.

"Until now I avoided talking about deadlines, but tonight I have to say it loud and clear - the final deadline ends this week. All of us are responsible for the crisis, and all of us have a responsibility to resolve it," he said.

European Commission President Jean-Claude Juncker said on Tuesday that authorities are prepared for all outcomes of the negotiations with Greece about its debt crisis, including a scenario of the Greek exit from the Eurozone.

He added that the commission has another plans in case if Athens needs humanitarian aid and his favourite plan how to keep Greece in the Eurozone.

European Central Bank Governing Council Member Christian Noyer said on Wednesday that Greek banks would not receive any emergency lending if the Greek government fails to reach a deal with its creditors.

The Greek government sent a formal application for a new bailout programme from the European Stability Mechanism.

The Bank of France released its business sentiment index for France on Wednesday. The index fell to 98 in June from 99 in May.

The central bank expects the French economy to expand 0.2% in the second quarter of 2015.

The British pound traded lower against the U.S. dollar after the release of the annual budget by UK's Finance Minister George Osborne. The government plans to achieve a surplus in the 2019/20 financial year, one year later than previously planned.

The Office for Budget Responsibility projects the U.K. economy to grow 2.4% in 2015, 2.3% in 2016, and 2.4% in 2017.

Halifax released its house prices data for the U.K. on Wednesday. House prices in the U.K. increased 1.7% in June, after a 0.3% rise in May. May's figure was revised up from a 0.1% decline.

On a yearly basis, house prices climbed 9.6% in three months to June, after a 8.6% increase in three months to May. It was the fastest pace since September 2014.

"Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand," Halifax's housing economist Martin Ellis said.

The Canadian dollar traded mixed against the U.S. dollar ahead of Canadian housing market data. The Canadian building permits are expected to decline 5.0% in May, after a 11.6% rise in April.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair declined to $1.5351

USD/JPY: the currency pair decreased to Y121.31

The most important news that are expected (GMT0):

12:30 Canada Building Permits (MoM) May 11.6% -5.0%

18:00 U.S. FOMC Member Williams Speaks

18:00 U.S. FOMC meeting minutes

23:50 Japan Core Machinery Orders, y/y May 3.0% 16.3%

23:50 Japan Core Machinery Orders May 3.8% -5%

EUR/USD

Offers 1.1030 1.1050 1.1085 1.1100 1.1120 1.1145-50 1.1180 1.1200 1.1220-25 1.1245

Bids 1.1000 1.0980 1.0960 1.0940 1.0925 1.0900 1.0880 1.0850 1.0825 1.0800

GBP/USD

Offers 1.5430 1.5460 1.5485 1.5500 1.5520 1.5550 1.5585 1.5600

Bids 1.5400 1.5380 1.5365 1.5350 1.5330 1.5300 1.5285

EUR/GBP

Offers 0.7170 0.7180-85 0.7200 0.7225 0.7240 0.7260 0.7285 0.7300

Bids 0.7135 0.7120 0.7100 0.7085 0.7055-60 0.7040 0.7020 0.7000 0.6985 0.6965

EUR/JPY

Offers 134.60 134.85 135.00 135.30 135.50 135.80 136.00 136.40 136.80 137.00

Bids 133.85 133.50 133.25 133.00 132.80 132.50

USD/JPY

Offers 121.80 122.00 122.20 122.40 122.85 123.00 123.20-25 123.50

Bids 121.25-30 121.00 120.75 120.50 120.25 120.00

AUD/USD

Offers 0.7400 0.7420 0.7440 0.7470 0.7485 0.7500 0.7520 0.7550 0.7580 0.7600

Bids 0.7380 0.7350 0.7330 0.7300 0.7285 0.7250 0.7230 0.7200

The Bank of France released its business sentiment index for France on Wednesday. The index fell to 98 in June from 99 in May. Business leaders expect industrial output to increase in July.

The business sentiment index in services was up to 96 in June from 95 in May.

The construction sentiment index remained unchanged at 93 in June.

The central bank expects the French economy to expand 0.2% in the second quarter of 2015.

Halifax released its house prices data for the U.K. on Wednesday. House prices in the U.K. increased 1.7% in June, after a 0.3% rise in May. May's figure was revised up from a 0.1% decline.

On a yearly basis, house prices climbed 9.6% in three months to June, after a 8.6% increase in three months to May. It was the fastest pace since September 2014.

"Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand," Halifax's housing economist Martin Ellis said.

European Council President Donald Tusk said on Tuesday that just five days left for Greece to reach a deal with its creditors to save it from bankruptcy.

"Until now I avoided talking about deadlines, but tonight I have to say it loud and clear - the final deadline ends this week. All of us are responsible for the crisis, and all of us have a responsibility to resolve it," he said.

EUR/USD: $1.0880(E514mn), $1.1050(E509mn)

USD/JPY: Y122.00($411mn), Y123.50($320mn)

EUR/JPY: Y134.40(E206mn)

GBP/USD: $1.5550(Gbp308mn)

EUR/GBP: Gbp0.7000(E487mn)

AUD/USD: $0.7400(A$368mn), $0.7445-50(A$387mn)

USD/CAD: C$1.2500($915mn)

European Commission President Jean-Claude Juncker said on Tuesday that authorities are prepared for all outcomes of the negotiations with Greece about its debt crisis, including a scenario of the Greek exit from the Eurozone.

"The commission is prepared for everything. We have a Grexit scenario, prepared in detail," he said.

He added that the commission has another plans in case if Athens needs humanitarian aid and his favourite plan how to keep Greece in the Eurozone.

Japan's Ministry of Finance released its current account data for Japan late Tuesday. Japan's current account surplus climbed to ¥1,880.9 billion in May from ¥1,326.4 billion in April, exceeding expectations for a surplus of ¥1,542 billion.

It was the fourth straight month that Japan posted an over ¥1 trillion surplus.

Japan benefits from a weaker yen.

Japan's trade balance deficit was ¥47.3 billion in May, after a deficit of ¥146.2 billion in the previous month. Exports fell at an annual rate of 0.1% in May, while imports dropped 10.3%.

The International Monetary Fund (IMF) said in its on Tuesday that the U.S. economy could be hurt if Fed hikes its interest rates too early. The IMF urged the Fed to delay its interest rate hike until 2016.

The Fed signalled that it is likely to start raising its interest rates in 2015.

"There is a strong case for waiting to raise rates until there are more tangible signs of wage or price inflation than are currently evident. Deferring rate increases and proceeding gradually thereafter would provide valuable insurance against the risks from disinflation, policy reversal, and ending back at a zero fed funds rate," the IMF noted.

According to the report from CoreLogic, home prices in the U.S. increased 1.7% in May. On a yearly basis, home prices jumped 6.3% in May.

"Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home-purchase activity. Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year," Chief Economist at CoreLogic Frank Nothaft said.

Economic calendar (GMT0):

Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual

05:00 Japan Eco Watchers Survey: Current June 53.3 53.2 51.0

05:00 Japan Eco Watchers Survey: Outlook June 54.5 53.5

The Australian dollar fell and hit a six-year low against the U.S. dollar amid declines in Chinese stocks and iron ore prices.

The pound continued falling against the dollar amid unexpected declines in UK manufacturing production. In May the corresponding index fell by 0.6% compared to the previous month.

The yen advanced against the dollar due to demand for this safe-haven currency as investors prefer not to take risks because of declines in Asian equities. However the pace of gains slowed down after the release of current account data. The report showed that the country's unadjusted current account rose to Y1,880.9 billion in May compared to Y1,326.4 billion reported previously. Economists expected a reading of Y1542 billion.

EUR/USD: the pair traded around $1.0975-15 in Asian trade

USD/JPY: the pair fell to Y121.95

GBP/USD: the pair fell to $1.5425

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

07:00 United Kingdom Halifax house price index June -0.1%

07:00 United Kingdom Halifax house price index 3m Y/Y June 8.6%

09:00 Eurozone Eurogroup Meetings

11:00 U.S. MBA Mortgage Applications July -4.7%

11:30 United Kingdom Annual Budget Release

12:30 Canada Building Permits (MoM) May 11.6% -5.0%

14:30 U.S. Crude Oil Inventories July 2.386 -1

18:00 U.S. FOMC Member Williams Speaks

18:00 U.S. FOMC meeting minutes

23:50 Japan Core Machinery Orders, y/y May 3.0% 16.3%

23:50 Japan Core Machinery Orders May 3.8% -5%

EUR / USD

Resistance levels (open interest**, contracts)

$1.1219 (1876)

$1.1166 (894)

$1.1122 (440)

Price at time of writing this review: $1.1010

Support levels (open interest**, contracts):

$1.0941 (722)

$1.0918 (1006)

$1.0887 (1223)

Comments:

- Overall open interest on the CALL options with the expiration date August, 7 is 41484 contracts, with the maximum number of contracts with strike price $1,1500 (2920);

- Overall open interest on the PUT options with the expiration date August, 7 is 556445 contracts, with the maximum number of contracts with strike price $1,0800 (6464);

- The ratio of PUT/CALL was 1.36 versus 1.23 from the previous trading day according to data from July, 7

GBP/USD

Resistance levels (open interest**, contracts)

$1.5705 (860)

$1.5608 (1625)

$1.5512 (283)

Price at time of writing this review: $1.5455

Support levels (open interest**, contracts):

$1.5387 (1071)

$1.5291 (843)

$1.5194 (735)

Comments:

- Overall open interest on the CALL options with the expiration date August, 7 is 18686 contracts, with the maximum number of contracts with strike price $1,5750 (2713);

- Overall open interest on the PUT options with the expiration date August, 7 is 17853 contracts, with the maximum number of contracts with strike price $1,5250 (1853);

- The ratio of PUT/CALL was 0.96 versus 0.94 from the previous trading day according to data from July, 7

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

(pare/closed(GMT +3)/change, %)

EUR/USD $1,0997 -0,53%

GBP/USD $1,5456 -0,94%

USD/CHF Chf0,9466 +0,44%

USD/JPY Y122,45 -0,09%

EUR/JPY Y134,66 -0,62%

GBP/JPY Y189,25 -1,04%

AUD/USD $0,7443 -0,73%

NZD/USD $0,6643 -0,41%

USD/CAD C$1,2712 +0,53%