Blueprint FX Desk
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EUR Euro-Zone Finance Ministers Meeting
U.S. Durable Goods Orders
Expect High Volatility in
EURUSD
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HIGH: EURO-ZONE
Euro-Zone finance ministers are currently arriving for their meeting in Riga this morning, to see what are the remaining options for Greece. However, both Schaeuble and Dijsselbloem, the respective finance ministers from Germany and the Netherlands, have already come out and stated that they do not expect much progress on Greece at the meeting. If this is true, it would rekindle concerns of a Grexit and a default on their debt - therefore the emphasis is on Mr Tsipras, who is increasingly short of options, to be more constructive.
MEDIUM: UK
Hedge funds bullish on sterling. Large bets are being placed by fund managers on the value of the pound rising after the general election, which is contrary to the prevailing view in the market, with some even suggesting any outcome would be negative for the pound. This consensus view is that an SNP-Labour coalition would be bad for business, with proposed caps on retail banks’ market shares and other reforms, which could affect the City. However, even if a Conservative government is re-elected, a promise for a Euro-Zone referendum could also cause uncertainty within the markets, adding to the lose-lose mentality.
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