With the media spotlight shining exclusively on Greece it seems, the question on every investors mind is will they manage to secure a deal with their creditors by the end of the month? With their next repayment date fast approaching, the markets are sceptical on Greece’s future inside the EU with the EUR weakening against most of the major currencies this week.
We have seen GBP/EUR rates move through 1.41 at today’s high but the EUR did find support around this level earlier, with the pair moving towards the mid 1.40’s by afternoon trading. This trend is not surprising to see, as every time the Pound has spiked above 1.40 over recent months it has dipped shortly after.
I do feel that Greece will come to some agreement with its creditors before its latest repayment deadline is surpassed but whether this is just an extension to the current repayment or a renegotiation of its current bailout package is debatable.
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