Euro rally fails as questions remain over the Greece Debt crisis
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Once the markets received confirmation the EU will support Greece, the Euro staged a 2% rally. However the FX markets are still concerned about the debt package, it is possible that Greece may not accept the package and therefore questions will still remain.
From a macro perspective, the financial package agreed by the EU does little to change the fact that the Euro Zone is likely to underperform other economies. Spain, Portugal and Italy are sinking toward the same crisis and this will weigh on the single currency.
Against the US dollar, Sterling is not comfortable below the 1.50 level. In the recent weeks Sterling buyers have been entering the market, but clearly the recent rally has not been a smooth one. Many traders will be keen to keep the pressure on sterling until they can see some clear economic shift in data. The coming elections will also be a key factor.
Wednesday 14 April 2010, 12:00pm
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