Dinner in Brussels

March 20, 2015

The standoff between Greece and European leaders continues and last night a dinner was held between Greek Prime Minster Alexis Tsipras and key figures in the Eurozone including Angela Merkel and Mario Draghi, to try and end the stalemate. What remains clear is that the Eurozone is standing firm, refusing to give Greece any preferential treatment and also refusing to release the agreed extended bailout funds until they present a meaningful reform plan. Putting aside the explosive volatility of Wednesday evening and yesterday’s session resulting from the FOMC meeting, the euro has stabilised with EURUSD trading at 1.0665 and EUGBP at 0.7235 well above recent respective lows of around 1.0460 and 0.7015, so for now investors seem unconcerned that the Greece situation remains unresolved. Other risk assets such as equities remain firm and are also brushing aside the problems that still haunt the Eurozone, even despite many increasing the chances that we will soon see capital controls within weeks and even ultimately a Grexit.

On the economic data front things are relatively quiet but we get data that could affect the Canadian dollar with the release of CPI and retail sales data. USDCAD trades at 1.2665 this morning and has found it hard to push onwards towards the 1.3000 level which would see it hit a 10 year high if 1.3065 was broken.

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