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Greek meetings to guide euro bias
To date all of the quotes attributable to German politicians have given little indication that this will be an easy day of meetings. Greece’s proposal, early in the week, to link its repayments to the pace of recovery of its economy has been given short shrift in Northern Europe.
It is hard to believe that once these meetings are concluded the press statements will give much encouragement to the Greek populous. This will put pressure on the newly elected Greek government to deliver on its promises.
Fresh pressure on the EUR/USD rate almost looks inevitable, and regardless of the mild recovery that EUR/USD has had a retest of the January $1.1097 lows could be on the cards.