EUR/USD continues sideways trading
Will Greece default? Will it leave the eurozone? Will it leave the EU and will it have its own currency? These are the questions that currency traders have been asking themselves as the Greek saga continues to be played out in front of a watching world.
Regardless of how much the founding members might want the unity of the eurozone to remain intact, there is only so much leeway they can afford to give to Greece as the nation continues to stall on the inevitable changes it will have to make if it wants to remain in the eurozone.
Markets reacted to yesterday’s comments from the president of the Eurogroup, Jeroen Dijsselbloem. As encouraging as the phraseology may have been, it was hardly likely that he was going to say anything else as he and the group would not want to trigger a fresh run on cash withdrawals at Greek banks.
At least another 24 hours of lateral moves and uncertainty look inevitable for the euro as currency traders await further developments form Greece.