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Greece in the Spotlight as Last-Ditch Debt Deal Talks Continue

Greece in the Spotlight as Last-Ditch Debt Deal Talks Continue

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Greece Debt Talks in Focus as Eurozone FinMins Gather for Another Meeting
  • Euro Gains on Deal Between Greece, Creditors May Not Have Follow-Through
  • See Economic Releases Directly on Your Charts with the DailyFX News App

A quiet economic calendar in European hours will keep Greece in the spotlight as Eurozone finance ministers struggle to secure a deal between the country and its creditors. Hopes were running high early in the week after Athens submitted an updated set of proposed reforms meant to unlock a tranche of bailout funding. Traction has failed to materialize thus far however.

Markets fear that failure to overcome the impasse may lead to a Greek default and push the country out of the Eurozone, triggering as-yet unknown consequences for the currency bloc and the world economy at large. With that in mind, traders are anxiously awaiting confirmed signs of a breakthrough or a final collapse of negotiations without further room to maneuver.

If the former proves true, the Euro may see near-term gains amid ebbing uncertainty risk. Risk appetite may likewise find support, boosting higher-yielding currencies (notably in the commodity FX complex) while weighing on the safety-linked Japanese Yen. Follow-though may be limited however considering the markets’ priced-in outlook seems to favor an eventual agreement. Needless to say, a disappointment stands to yield the opposite results.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

01:30

AUD

Job Vacancies (MAY)

2.1%

-

1.4%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

06:00

EUR

German GfK Consumer Confidence (JUL)

10.2

10.2

Low

10:00

GBP

CBI Reported Sales (JUN)

35

51

Low

11:00

EUR

Eurozone Finance Ministers’ Meeting

-

-

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.1038

1.1118

1.1162

1.1198

1.1242

1.1278

1.1358

GBPUSD

1.5453

1.5589

1.5648

1.5725

1.5784

1.5861

1.5997

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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