Market participants are in confusion over the contrarian commentary from Greece and Euro zone officials.
Greek officials have commented a deal is imminent and drafting to start on Wednesday and within moments it is played down by Euro zone officials saying no deal is imminent without the reforms asked. So the question turns out whom to trust.
Euro seem to be playing it both ways. Last night it jumped from 1.082 on Greek comments on drafting of deal but not overly speculating on the prospect of such. Nevertheless possibility of a deal has kept it buoyed against dollar while Pound, Yen, Aussie, kiwi, Loonie sinks further. Euro is currently trading against dollar at 1.089.
- 18 Euro zone finance ministries are due to hold one of their regular “euro working group” teleconferences this afternoon, where the status of the Greek negotiations will be discussed.
There has been little evidence, showing Greek deal is close. According to official bailout monitors, Troika, gaps area still too large to finalize any deal.
There has not been any Euro zone finance ministers’ meeting lately after the last one disappointed.
So even Greece keeps shouting of an imminent deal, we keep our fingers crossed.
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