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The Athens administration is set to receive €5.8 billion from the troika this week which will prevent the country from running out of money, but a report into Greece’s financial situation has revealed that a large portion of the bailout funds is being used to pay off debt. Traders are concerned that the money isn’t being used to stimulate the economy, but instead going straight into bond holders pockets. This cannot continue indefinitely.
We are not expecting any major economic announcements from the eurozone today, traders will instead be anticipating the German, Italian and eurozone unemployment reports on Wednesday. If the updates are better-than-expected, we could see the euro trade higher versus the US dollar.
Both the Federal Reserve and the European Central Bank are holding meetings on Wednesday and Thursday respectively. Economists are not expecting a change in policy from either central bank, but any comments regarding reducing or maintaining stimulus packages could lead to a large move in the currency pair.