Fx Views 5/7/2011
EUR
Analyst are expecting 3 hikes from now till 2012++ The market seems to be treating the Greek issue resolved for now except a small blip after a rating agency said that with the new rollovers, it could be deemed as a credit default event. But the market pro pm toy and calmly took EUR back up. Focus may also be on the US debt ceiling issue(read UsD bearish) but I believe this will be met with some kind of agreement between the Democrats and Reoulbicans by Aug 2.
I think EUR will tend upwards with some pullbacks unless a big news about Greece or other Europena peripheral countries come to spook the market.
Dips could see 1.42 for this week. 1.47 may be on the cards in the following weeks.

AUD
RBA didn't raise (not unexpected) rates but appear more dovish about global growth. This could mean no rate hikes this year and leaves AUD bulls hanging. I don't hink market is very long AUD but it leaves investors to watch more carefully the minutes of today's meeting by RBA and to watch China for signs of falling growth and poor data. With EUR buoyed by impending rate hikes, look to EUR AUD cross.
AUD could see some pull back 1.0450 if it doesn't push past 1.07 this week.

GBP
Lots of yoyo trading here amidst data on PMI today. 1.5950 must give way for this to fall. I still don't like GBP. I would look to sell rallies.
JPY
Bid. But overall still 80-83 range.