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Euro traders await Greek debt deadline
Once again Greece is the focus of the eurozone as expectations are high that it will be able to meet its debt repayments today. Yesterday saw the Greek government raise €1.14 billion from the sale of short-dated sovereign debt, and this should be more than enough to ensure it is able to meet its €460 million repayment to the International Monetary Fund.
Cynics would of course point out that if you were to default in repaying debt, the last resort should be defaulting to the IMF. Suffice to say this is another deadline that Syriza has managed to avoid at the last minute.
A week ago EUR/USD flirted with breaking above the $1.100 level, and we thought that it was merely a better opportunity to sell into. This current squeeze lower looks far from being the complete move and hanging onto the short positions could still offer further rewards.