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EUR/USD awaits TLTRO data
Greek political instability has sent shockwaves through both the currency and equity markets as the chances of Greek president, Antonis Samaras, holding onto power are far from certain.
As my colleague David said yesterday, we are also about to see the results of the second tranche of the targeted long-term refinancing operation and unlike the first tranche it will not be hindered by looming bank stress tests. Without this on the horizon, it is anticipated that the €82 billion take up could be more than double that.
The resistance at 124.5 cents has been broken and the direction that EUR/USD takes will be driven by the volume of take up from this morning’s 10.15am announcement of take up of the TLTRO’s.