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It’s clear now that European leaders want Greece to honour the terms of the current bailout if the country wants to keep its short-term funding. Comments out of Greece following the meeting were fairly negative and it has dampened sentiment around the globe.
With US markets closed in observance of Presidents’ day, we are left to look to Europe for some direction. With Greece walking away from talks, EUR/USD fell from around $1.1430 down to $1.1320 on the back of the developments. A strong euro trade balance reading had seen the euro advance earlier.
Leaders will reconvene in a couple of days and the final opportunity to reach an agreement will be at the 28 February meeting. If they don’t work out anything by then, the risk-off trade will be very much alive.
Following the meeting, the Greek Prime Minister has made some comments suggesting an agreement is not completely out of reach. This has helped EUR/USD stabilise and hold on to the $1.1300 handle. While this is the case for now, I wouldn’t be surprised to see the pair come under further pressure in coming sessions. On the calendar today we have the ZEW economic sentiment reading to look out for.