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Greece makes latest IMF payment
So Greece have managed to pay the latest €750 million that it owes to the International Monetary Fund and have avoided defaulting – at least for the time being. As Greece continues to play dodge ball with the debt markets, it has merely stepped out of the path of one ball and straight into the path of another.
Nothing has fundamentally changed in the last 48 hours regardless of this latest payment. The noises coming out of Greece would lead us to the conclusion that, even with the likely implications of tougher austerity, the Greek public would still rather remain as part of the eurozone. The time for Syriza to increase austerity is now – the ability for either party to continue fudging the issue has now been and gone.
The run that EUR/USD enjoyed over the last six weeks has now ended. Once again, the issue of euro devaluation through the ongoing European Central Bank quantitative easing policy is the dominant issue. Although we have seen a move back below the overbought indicator, further falls look likely.